Start your Streeterville home search here.
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 cancelled was 131 days and the average market time for homes that are currently on the market is 134 days. However, the average market time for the homes that sold is 107 days. It looks like the market times are starting to climb. As a seller it is important to be aware of that so you can have a reasonable expectation of how long your home is likely to be on the market. The median sales price for condos in Streeterville was $457,450.
Price Range: $400,000-$800,000
Price Range: $800,000+
Streeterville
Housing Type: Townhome
Nothing new has come to the market, but we have been comparing the townhomes that have been available. Two of them were comparable, except one has a land lease which ultimatley makes it a much larger purchase than the listing price suggests. It has been on the market for 424 days and could take awhile yet to sell as our market is not used to this type of property arrangement. The comparable one that does not have the land lease has sold.
The other two homes were also comparable to each other except one had beautiful interior pictures and a detailed description including the designer of the decor, wheareas the other one has no interior pictures and a description focused more on the bones of the home, ex. how many bedrooms and baths, plus the location of each. We asked if you think the differences in marketing are going to affect which home sells first. Well, after 90 days the designer home with lots of interior pictures is under contract and the other home has a market time of 441 days and counting. This is good evidence that great pictures, a detailed description, and strong marketing plan do help in selling your home faster!
Price Range: $400,000+
Start your Streeterville home search here.
*In this blog series we 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 you would like a personal assessment of your target market.
For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!
Comments(2)