Week Update for Pilsen Homes/Condos
Homes in Pilsen. There was a drop in inventory for single family homes again in Pilsen(area 8031 “lower west side” in the mls) and a pop upward in price. Look at that single family market.
Condos in Pilsen. On the other hand… Condos sale prices dropped 10.3% year to date off last year at this time in Pilsen proper. The market is telling condo sellers: price appropriately so people can afford your unit given rising interest rates. In other words, based on this chart, do not price on top of prior sales, but with them unless there is something quantifiably different about your unit.
Each condo is different of course. If it’s new construction it’s special and rare because there are so very few new projects right now. It is also rare if it’s oversized and has a roof deck and gets more. There are various factors that will allow a premium price and yours may have one. Reach out and let me see if your condo has those features or that special location that will hit a new high.
As a Broker it’s my job to know each particular condo and each particular submarket. Block by block that is my job. If you want a pricing analysis on your exact condo and some predictive insights from Pilsen’s #1 Broker call me. 312-953-6725.
April - the number of new homes is 1. Not a lot of seller’s of homes in Pilsen. Keep in mind that most of Pilsen is NOT homes… but 2-4 units and other Multifamily( including condos) and Multi use.
Like I said above, the graph shows that only 18 homes will transact the first half of the year in Pilsen. The low availability is why the median price of home sales in Pilsen is UP 12.5% year to date off last year I suggest. The average market time was 14 days year to date on single family homes.
On condos you can see that the market is alot larger and it’s taking longer to sell. In Pilsen 58 condo listings have been added into the mls and 22 closed so far year to date. So it is a lot larger market and bigger data pool to pull averages from. The average market time is 108 for Pilsen condo listings. You can see, it is a totally different experience to sell a condo in Pilsen versus a house.
Condos are down in value year to date - the drop off on the right graph shows you that. It measures out to be about 10.3% off last year in the chart above but I don’t take that as a hard number. In my opinion, I am seeing about a 3% markdown on similar units that are resales similar to each other off last year.
