Streeterville condos for sale down 40% in October!

The inventory of listed Streeterville condos for sale continues to drop.* There were 286 condos for sale in Streeterville in October down 40% from October 2011 when there were 495 condos for sale!

As shown below the inventory of Streeterville condos for sale keeps setting new 5 year lows.

Inventory of Streeterville condos for sale January 2008 — October 2012

Inventory of Streeterville condos for sale January 2008 — October 2012

The median sale price dropped 15% to $354,000. The number of closed sales was up 65%. The average days on market for pending sales was down 45%. Pending sales were up 257%.

WHAT THIS MEANS FOR STREETERVILLE CONDO BUYERS

It’s still a buyer’s market, but 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.

WHAT THIS MEANS FOR STREETERVILLE CONDO SELLERS

Given that the market appears to be forming a bottom, I don’t recommend selling unless
1. you really need to
or
2. you want to move up to a more expensive home (It’s probably come down more in value in the past few years than your current home.) 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

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