The inventory of listed condos for sale in Streeterville is down significantly from a year ago.* There were 263 condos for sale in Streeterville in February down 35% from February 2012 when there were 406 condos for sale.
As shown below the inventory of Streeterville condos for sale kept setting new 5 year lows from June through December of last year.
The median sale price dropped 7% to $295,000. The number of closed sales was down 21%. The average days on market for pending sales was down 68%! Pending sales were up 72% so sales should do well in March.
WHAT THIS MEANS FOR STREETERVILLE CONDO BUYERS
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. In fact, the number of pending sales as of yesterday is currently over twice was it was in February. Be prepared to encounter multiple offers.
WHAT THIS MEANS FOR STREETERVILLE CONDO SELLERS
Don’t expect higher prices yet. 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|
*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).