Condos for sale in Streeterville down 35% in February

The inventory of listed condos for sale in Streeterville is down significantly from a year ago.* There were 263 condos for sale in Streeterville in February down 35% from February 2012 when there were 406 condos for sale.

As shown below the inventory of Streeterville condos for sale kept setting new 5 year lows from June through December of last year.

Inventory of Condos For Sale in Streeterville January 2008 — February 2013

Inventory of Condos For Sale in Streeterville January 2008 — February 2013

The median sale price dropped 7% to $295,000. The number of closed sales was down 21%. The average days on market for pending sales was down 68%! Pending sales were up 72% so sales should do well in March.

WHAT THIS MEANS FOR STREETERVILLE CONDO BUYERS

You don’t have nearly the choices that you had a year ago. You won’t be able to negotiate as much since there aren’t as many sellers competing against each other. In fact, the number of pending sales as of yesterday is currently over twice was it was in February. Be prepared to encounter multiple offers.

WHAT THIS MEANS FOR STREETERVILLE CONDO SELLERS

Don’t expect higher prices yet. As always, if your home is priced right when it goes on market, it will sell in a reasonable amount of time.

STREETERVILLE CONDOS FOR SALE

Click below to see the Streeterville condos for sale in your desired price range.

$3M & Above$2M to $3M$1.5M to $2M$1M to $1.5M
$900K to $1M$800K to $900K$700K to $800K$600K to $700K
$500K to $600K$400K to $500K$300K to $400K$200K to $300K

SCHEDULE SHOWINGS or GET A FREE MARKET ANALYSIS

Email me to
schedule showings for any listings
get a free market analysis for your home
or
request additional information

*includes co-ops and townhouses

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ABOUT THE AUTHOR

Fran Bailey Fran Bailey is a Realtor who has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More

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