Market Stats – Rogers Park

No witty name needed for this post, just some honest and informative stats for the Rogers Park neighborhood! Every time I write a post on stats, I’ll pick a different neighborhood and will always use these parameters: 1 year, all price ranges, single family home, condo and no restrictions on bedrooms, bathrooms, sqft etc. I’ll go into detail on not only the numbers, but what they mean for buyers & sellers looking to move in, or out, of the area!

rp map

 

Rogers Park (MLS code 8001): I went to Loyola University so Rogers Park will always have a special place in my heart! In addition to living off-and-on in RP since college, I’ve had the pleasure of helping many buyers & sellers in the area. Its proximity to the lake, dog beaches, excellent local coffee shops, and easy Redline access make RP a wonderful neighborhood to live in! Now to the stats:

  • Average Sale Price = $209,624, +5.5%
    • What this means: the average sale price, year over year, is up in RP! Not only is it up, it’s up by 5.5%…meaning that the market is stronger this year than it was last year at this time. The rising interest rates could potentially factor into this as buyers are more anxious to move now in order to avoid higher rates over the next few years.
  • Average Market Time = 62 days, -31.9%
    • What this means: my goodness this is a great stat! Market time is the time a property is on the market before it goes under contract. The fact that the average is down by 31.9% means that properties are selling faster and for more money (per the above sale price stat). If you’re a seller, this is good news because you’re more likely to sell your property faster. If you’re a buyer, this means you have to move a little more quickly when you find the property that you love.
  • Average List Price to Sale Ratio = 96.7%, +2%
    • What this means: this is the ratio of what your property SOLD for in regards to what you LISTED it for. SO…properties are selling (on average) for 96.7% of the asking price. This is up from last year by 2%. The margins aren’t extreme on this, but it does tell us that properties are being listed at fair values, going very close to list price, and moving quickly.
  • Month’s Supply = 2.9 months, -17.1%
    • What this means: well, it should come as no surprise based on the above stats that there is a need for new listings in RP. Properties are selling faster & the new listings can’t quite keep up with the demand. 2.9 months of inventory means that, hypothetically, if no new listings came on all the current listings would be gone in 2.9 months and there would be nothing for buyers to buy. Sellers – this stat, coupled with the earlier ones, indicates now is a good time to look into what your property is worth! Buyers – if you’re serious about buying, make sure all your ducks are in a row and you are making yourself the strongest buyer you can.
  • Price per SqFt = $159, +8.2%
    • What this means: normally, we don’t price properties per sqft unless it’s new constructions. I’m hesitant to post this stat because it gets sellers all giddy BUT I do feel it’s important within the context of the stats. This doesn’t mean that we automatically price your property $159 x Sqft, because this isn’t taking into account updates, location or other amenities (like parking). What it does tell us is that the market is stronger in RP than it was last year, prices have gone up and buyers are willing to spend the $$ to get into this neighborhood!

Besides being a great neighborhood, Rogers Park has a lot to offer the real estate market right now. Prices are up, list to contract times are down, and buyers are eager to get into this area. If you’ve been thinking of selling, now is the time to look into what your property is worth. If you’ve been thinking of buying, now is the time to link up with an experiences professional (cough cough…me) to get on top of the market and see things even before they list!

download

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s