Schoolsparrow categorizes real estate by school boundaries, and we provide an interesting search where you can see the top 30 schools that have homes for sale right now that fit your requirements. You can try our search here. You must register to search, but we promise we won’t give your data to a Nigerian princess looking to wire you $20M after you wire her $500 first.
Also, if you are interested in homes for sale within your Park Ridge public school, check out these links:
The purpose of this first blog post is to understand what is going on with inventory. SchoolSparrow has put together all Active listings and categorized the data by school:
As you can see, this is really interesting. Thanks for reading!
Just kidding. So we have a bunch of numbers here…what does this mean?
First, lets start with the total number of properties on the market. We can see Field Elementary has the highest at 81 properties. George Washington is the lowest at 38 properties. Washington also has the highest percentage of active listings that are under contract at 47%. By comparison, Field has 32% of active listings under contract.
These numbers don’t mean much without an understanding of the population of these areas. I don’t know the population of these attendance boundaries, but I do know the number of students at each school, thanks to this D64 website.
Let’s make an assumption that the school population is proportionate to the actual number of households in each area. This might not actually be true, maybe some areas have a high concentration of senior living, etc. But for purposes of this post, we are looking at the school student population as an indication of the number of households in that school’s attendance boundaries.
When we divide the total number of active homes (homes that are not under contract) by the population of each school, we get a percentage that I’m calling the % active inventory. In and of itself this percentage doesn’t mean much, but in comparison with the other school districts it tells us a lot about which school has high inventory relative to the number of households. Washington is by far the lowest, while Field is the highest, almost 3 times compared to Washington.
But look at the listing price per square foot in Washington at $199 psf! No wonder properties are flying off the market and there is low inventory.
Washington Elementary is the low cost provider of housing for Park Ridge compared to other schools.
Roosevelt has the highest average list price in Park Ridge, yet inventory is 2nd lowest indicating a tight market in Roosevelt. A look at the listings in this area show at least 3 1.3M+ spec homes (as in speculative, not built for a specific family) for sale, and many homes that were clearly built in the last 5 years. Roosevelt Elementary may have the newest housing stock in Park Ridge at the moment. As an aside, Roosevelt also had the most students at the beginning of 2018, but by the end of 2018 Roosevelt actually lost students and is now surpassed by both Field and Washington Elementary Schools.
Franklin Elementary currently has the lowest average home price and the 2nd lowest price per square foot. From a real estate perspective, Franklin has a couple of challenging location issues with proximity to 294 and houses that are located in between Busse Hwy and Northwest Hwy, which help drive down the average sale price.
So, what if we focus only on properties that are at least 3 bedroom? How does this change things?
Comparing the data, the biggest difference is the inventory is much tighter across the board for 3+ bedroom properties. Not surprisingly, the average home price went up, but it is surprising that in every school, with the exception of Field, the price per square foot actually went up as well. Usually the bigger a home, the smaller the price per square foot. This is not the case in Park Ridge. 3 Bedroom homes command a premium.
Park Ridge has 286 properties on the market, and with 38 closings last month, there is 7.5 months of inventory out there at the moment. However we are in a low volume season right now, so stay tuned for updated inventory analysis at the end of March, we are expecting both closings and inventory to be up significantly.
In our next post we will look at CLSD transactions in the past 3, 6 and 12 month windows to see where prices are trending.