The inventory of listed condos for sale in Streeterville is down significantly from a year ago.* There were 249 condos for sale in Streeterville in August down 33% from August 2012 when there were 369 condos for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 8% of the inventory to 4%.
In June I wrote about the inventory in May which was down 38% from a year earlier. The inventory in August was down 63% from August 2008 when there were 665 Streeterville condos for sale.
As shown below, the drop in inventory varies by price range. The top price range ($799,000+) dropped 44%. The next highest ($499,000 to $798,999) dropped 22%. The next lowest ($305,000 to $498,999) dropped 41%. The lowest ($304,999 and less) dropped only 13%.
The median sale price rose 6% to $443,750. The average sale price as a percent of original sale price was 94.5% up from 93.8%.
The number of closed sales shot up 45%, its highest level since June 2008. Pending sales were up 18%.
WHAT THIS MEANS FOR STREETERVILLE CONDO BUYERS
Lower inventory, rising sales and rising prices signal 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 3 months. The average days on market was down 42% to 107 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).