Streeterville Housing Type: Condo In our last report, the month's supply of inventory for the $400-500k range was 3.8. This month, after only 3 sales, it has jumped to 9.5, even though there are only 2 new listings. Of those three sales one home sold in 6 days, one sold in 32 days, and the other sold in 698 days. Currently, the average market time for the homes that are under contract is 166 days. This is a great example of how one listing can have a big effect on how the overall market looks. Had the third home sold … (0 comments)
Streeterville Housing Type: Condo As we were seeing in our last report much of Streeterville is in a balanced market and the higher priced condos, $1m+ are just barely in a buyers market. This downtown neighborhood may have a lot more inventory than most, but with average market times of just around a month or two the demand to live in Streeterville remains quite high. This makes a great opportunity for both buyers and sellers. There is a good variety of homes for buyers to choose from and sellers who list their home to sell are selling quickly. The median sales price … (0 comments)
Streeterville Housing Type: Condo In most price ranges more condos came to the market than went under contract since our last report. This is pushing the inventory up slightly in most categories and balancing it out. A balanced market is ideal for both sellers and buyers, but they usually don't last long. If inventory continues to increase much of Streeterville could be looking at a buyer's market come winter. The median sales price for condos in Streeterville was $409,000. Price Range: $400,000-$800,000
Price Range: $800,000+
Streeterville Housing Type: Townhome There have been no changes among the townhomes. Price Range: $800,000+
Streeterville Housing Type: Condo There wasn't exactly a surge in listings, but they did pick up a bit from last month, especially in the $400-600k range. The month's supply of inventory in the $500-600k range jumped a bit, but one of the homes that closed took 381 days to sell. That's going to push the number up a bit, but the other two took 199 days and 11 days. The amount of time these homes take to sell is varied a bit. To get a quick sale it's always best for sellers to put their best face forward and price … (0 comments)
Streeterville Housing Type: Condo Last month we warned that if there is a surge in new listings we may see a balanced market among the Streeterville condos. We haven't seen a surge this month. Most price ranges are flowing smoothly with about as many homes going under contract and selling as coming new to the market. It looks like there is extra inventory in the $2m+ range, but nearly half of those homes are in the new construction building, One Bennett Park, scheduled for delivery in 2019. The median sales price for condos in Streeterville over the past month was … (0 comments)
Streeterville Housing Type: Condo Just a few more condos came to the market since last month than went under contract and/or sold. Which is great because these homes are selling fast! Look at the $700-800k range, there were 3 closings and they had an average market time of 26 days. In the $500-600 range where there were 5 closings the average market time was 102 days. Overall, if you combine all of the homes, the average market time for sold properties is 108 days and it is also 108 days for those that are under contract. Inventory is pushing up … (0 comments)
Streeterville Housing Type: Condo Last month we talked about how quickly some condos are selling in this neighborhood. This is still happening, there were two recent closings in the $700-800k range with an average market time of only 5 days! However, the nice thing about the Streeterville market is that it is closer to balanced than many other markets, which still very much favor the sellers. Overall this neighborhood is still in a seller's market too, but the inventory levels are higher, giving buyers more choices and sellers a little competition. A balanced market is ideal, which happens when there … (0 comments)
Streeterville Housing Type: Condo We have seen some very quick sales since last month. Overall the average market time for closed condos is 91 days. Of the 21 that sold, 9 sold in under a month! Only 3 homes that are under contract have been active for a month or less. Their average market time is 153 days. For the peak of the holiday season we may see longer listing times. This is pretty common from year to year as many people are busier than normal. After the new year we always see an increase in interest and we don't … (0 comments)
Streeterville Housing Type: Condo The biggest increase in listings from last month is in the $400-500k range. Considering the median sales price for condos in this neighborhood was $385,000 this inventory will be welcome. Also welcome is the new construction of One Bennet Place. The luxury condo building won't be delivered until 2019, but the current sales are going to bring attention to the high-end listings in this neighborhood. Price Range: $400,000-$800,000
Price Range: $800,000+
Streeterville Housing Type: Townhome After 209 days on the market the home with the land lease has gone under contract. During its time on the market the price dropped nearly every … (2 comments)
Streeterville Housing Type: Condo Just as we saw last month the market is continuing to balance out in Streeterville. We are seeing a slight uptick in inventory as well. Homes are continuing to sell in 3-4 months on average, but we are seeing them come to the market faster than they are selling. Sellers are going to start noticing more competition and will want to be careful with their marketing and pricing strategies to have the best chance at reaching all of the potential buyers. See the chart at bottom for an illustration of how pricing affects visibility. The median sales … (0 comments)
Streeterville Housing Type: Condo As we talked about last month the condo market in Streeterville is getting to be pretty well balanced. On average it is taking listings over a month to sell, so sellers should be prepared for their home to be on the market for a little bit. The only price point where this is not the case is in the $900k-1m range, where the month's supply of inventory is less than 3. Here homes are still moving quickly. Over the course of the month 2 went under contract, one of which sold, and 4 have come to the … (3 comments)
Streeterville Housing Type: Condo Looking at last month and the month before we can see that this market is slowing down a bit. That's not to say that it's a slow market, or will be soon. Really it's getting to be pretty balanced. When the market is balanced we see buyers and sellers agreeing on the market value of a home. There is a healthy number of each, so many buyers aren't expecting a diamond in the rough deal and many sellers are actively trying to list their homes at an attractive price to stay ahead of the competition. It's … (2 comments)
Streeterville Housing Type: Condo Just like last month we are seeing more inventory among the condos in Streeterville than across most of the downtown neighborhoods. It's not a tremendous amount of inventory, in fact most of the condos are still in a buyer's market. Comparing the actual numbers of homes for sale it looks like some homes have disappeared since last month. 19 listings were cancelled after having a market time of over 2 months. It's quite possible that many of these sellers are going to relist at a lower price. The average market time for the homes that were … (2 comments)
streeterville: Do Photos Sell Townhomes? Streeterville Neighborhood Market Update
- 06/23/16 07:24 AM
Start your Streeterville home search here. *Allow me to let you in on a little industry secret. We have two ways of collecting these numbers for you. One is through a reporting program in the MLS called Infosparks. The other is by manually looking up the data in the MLS. Infosparks is great for a quick view of the market, however, if you want to dig deeper you need to go to the actual MLS, look up the data manually and you may find that the numbers don't quite match what you found on Infosparks. Infosparks is updated often, but not as often as … (0 comments)
Streeterville Housing Type: Condo The condo market in Streeterville is moving pretty smoothly. The numbers are all very close to the same as last month, as home sell new ones come to the market. We are certainly seeing some low market times, but the average market time for active condos is 140 days and for those under contract it is 138 days. Price Range: $400,000-$800,000
There is still a high number of condos available in the $2m+ range. However, this range goes from $2.1-8.5m. That's a huge spread. There are now two condos under contract in the $2m+ … (0 comments)
streeterville: Streeterville, Chicago Neighborhood Monthly Market Update
- 04/22/16 06:09 AM
Start your Streeterville home search here. In this blog series we will focus on one of twenty neighborhoods in Chicago, each day, and provide charts to give you a brief update on the activity that neighborhood has seen over the past month in a variety of price ranges for Single Family Homes, Townhouses, and Condos, as available. When looking at these charts please keep in mind that not every housing type is available in every neighborhood (the Loop only has condos) and some homes compete within even smaller subsections than these, meaning we can dig even further in this data. Please let me know if … (0 comments)
streeterville: Streeterville, Chicago Neighborhood Monthly Market Update
- 03/24/16 05:52 AM
Start your Streeterville home search here. The most important element in getting your home sold in a timely fashion is pricing it correctly. When you set the right price, you'll be attracting buyers who are looking for exactly the type of home you're offering. As a buyer or a seller it is vital to understand the specific marketplace you are in. Being a city of neighborhoods Chicago has a slew of different markets. We want to educate you on the different markets and give you the opportunity to watch a variety of them. In this blog series we will focus on one of twenty neighborhoods in … (0 comments)
This blog is about life in the city of Chicago and in particular of the South Loop. The blog will strive to become a valuable source of information regarding real estate, community news and family life in an urban setting.
Start your Streeterville home search here. 
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