The inventory of listed condos for sale in Streeterville continues to fall.* There were 252 condos for sale in Streeterville in December down 8% from December 2012 when there were 274 condos for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 11% of the inventory to 4%.
In September I wrote about the inventory in August which was down 33% from a year earlier. The inventory in December was down 60% from December 2008 when there were 631 Streeterville condos for sale.
As shown below, the drop in inventory varies by price range. The top price range ($799,000+) dropped 21%. The next highest ($499,000 to $798,999) actually rose 18%. The next lowest ($305,000 to $498,999) dropped 15%. The lowest ($304,999 and less) dropped only 4%.
The median sale price rose 1% to $530,500. The average sale price as a percent of original sale price was 94.2% up from 92.3%.
The number of closed sales dropped 19%. Pending sales were up 10%.
WHAT THIS MEANS FOR STREETERVILLE CONDO BUYERS
Lower inventory, rising prices and rising average sale price as a percent of original sale price confirm that the buyers market is over. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.
WHAT THIS MEANS FOR STREETERVILLE CONDO SELLERS
If your home is priced right when it goes on market, it should sell in less than 5 months. The average days on market was down 33% to 123 days. Just because the market is improving doesn’t mean you should price your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. If you’re considering selling your home, contact me for a free market analysis.
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|
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*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).