No witty name needed for this post, just some honest and informative stats for the Edgewater 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!
Edgewater (MLS area 8077): I’ll always have a soft spot for Edgewater after I lived there for a little over a year! It’s one of the most beautiful and walk-able neighborhoods in the city. From the lake, to the coffee shops and everything in between. The dog-friendly beach is perfect for our 4 legged friends, the cute boutique shops are perfect if you shop local like I do, and having 2 larger grocery stores is awesome for all your pantry needs. Now to the stats:
- Average Sale Price = $282,881, -.3%
- What this means: the average sale price for this neighborhood is just barely down…not even by a full 1%. This tells me that prices have been very stable in Edgewater – which is a good thing for buyers & sellers. Sellers can expect to fairly price their property and get interested buyers through; and buyers can expect to see inventory at reasonable market rates.
- Average Market Time = 65 days, -8.5%
- What this means: the average days on market for a property is about 2 months…this is has gone down by 8.5%. Combining this stat with the one above tells us that sellers are selling their property at solid market values for less time on the market. For buyers, this means that properties are not going to be sitting for too long before they get snapped up.
- Average List Price to Sale Price Ratio = 96%, +.7%
- What this means: simply put, this means that properties are selling for 96% of their original list price, which is up just a tad. Again, this all points to a stable, solid market place for residential real estate in Edgewater. Properties aren’t lingering on the market, have a stable sale price and are selling just over 5% of asking.
- Average Month’s Supply = 3.1, -3.1%
- What this means: this statistic is very interesting to me! Essentially what month’s supply is telling us is that if no other listings came on the market, we’d only have enough inventory in Edgewater to get us through 3 months. The fact that the supply has dropped by 3% is also telling – not enough homeowners are selling their property. Demand is at a stable level, and prices are consistent, but sellers aren’t listing as quickly as they need to.
- Average Price/SqFt = $197, +5.9%
- What this means: I’m not the biggest fan of this statistic in general. I don’t tend to price properties per sqft as there are other things to consider ie. updated kitchen, new baths, outdoor spaces, and parking just to name a few. However, I think in terms of the whole picture, it’s a good to show that the value in Edgewater is there. It’s up by almost 6%. This could be because of a few things, but I’d wager to guess that it’s up in large part because of the stability of the sale prices & the fact a lot of sellers are updating their properties before going on the market.
Overall, I think the stats for Edgwater show a solid Real Estate market. One that buyers & sellers should feel confident in investing in. If you’re a seller, listing this Fall or Spring 2019 should bring a short list time, high sale to list price ratio and bring in stable buyers (if priced right from the beginning). If you’re a buyer, this upcoming Fall market should provide you with some good options at reasonable prices (which we’re not seeing in every Chicago neighborhood), waiting till Spring might increase your competition with other buyers but should offer the same stability.