Condos for sale in Streeterville up 11%, prices up 25% in March

The inventory of listed condos for sale in Streeterville rose for the first time in 6 years.* There were 314 condos for sale in Streeterville in March up 11% from March 2013 when there were 282 condos for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 7% of the inventory to less than 1%.

In January I wrote about the inventory in December which was down 8% from a year earlier. As shown below, the inventory in March was down 65% from March 2008 when there were 700 Streeterville condos for sale.

Inventory of Condos For Sale in Streeterville January 2008 — March 2014 Chart

Inventory of Condos For Sale in Streeterville January 2008 — March 2014

The median sale price rose 25% to $565,000. The average sale price as a percent of original sale price was 94.5% down from 94.9%.

The number of closed sales dropped 4%. Pending sales were up 4%.

WHAT THIS MEANS FOR STREETERVILLE CONDO BUYERS

Significantly higher prices 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 4 months. The average days on market was down 24% to 102 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

QUESTIONS?

Call us at 773-793-4516 or email us.

*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).

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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