The inventory of listed Streeterville condos for sale rose rose 35% in June compared to June 2013.* There were 345 condos for sale in Streeterville compared to 262 condos for sale a year earlier. The percent of distressed sales (short sales and foreclosures) on the market dropped from 6% of the inventory to 2%.
In April I wrote about the inventory in March which was up 11% from a year earlier and up for the first time for 6 years. As shown below, the inventory in June was down 52% from June 2008 when there were 721 condos for sale.
The median sale price dropped 3% to $430,000. The average sale price as a percent of original sale price was 95.6% down from 96.9%.
The number of closed sales dropped 12%. Pending sales were down 23%.
WHAT THIS MEANS FOR STREETERVILLE CONDO BUYERS
More inventory means more choices for buyers and more competition for sellers, but I wouldn’t call it a buyers’ market. You still 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 130 days. With significantly rising inventory (competition) you definitely shouldn’t 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|
Call us at 773-793-4516 or email us.
*includes apartments, co-ops and townhouses
Information is based on data from Midwest Real Estate Data (MRED).