Why River West Needs More Sellers: Neighborhood Update

Start your River West/Fulton River District home search here.

 

River West/Fulton River District

Housing Type: Condo

Homes are still selling very quickly in this neighborhood, but we have been watching the inventory increase from last month and the month before. This is actually good news for buyers and sellers. The closer a market is to being balanced the easier time both buyers and sellers have. When there is a lot of inventory and it's a buyer's market there are more sellers than buyers, prices decrease, and buyers tend to look for a deal. This can result in low ball offers and sellers not making as much as they hoped on a sale, which means they can't necessarily buy as much as they thought they would be able to in the next transaction. On the other hand, when inventory is extremely low there are more buyers than sellers and it's a seller's market. Prices increase and sometimes the appraisers don't agree with the value the buyer and seller have placed on a home which can make it difficult for a buyer to secure financing. When the home does close the seller might have a hard time finding a new home, since there is so little choice. When the market is balanced sellers, buyers, and appraisers are more likely to agree on the value of the home and there is enough choice that buyers can avoid bidding wars and sellers can feel confident that they can coordinate their next home purchase with the closing of their old home. The median sales price for condos in River West & the Fulton River District was $410,875.

 

Price Range: $400,000-$800,000

River West Fulton River District Chicago Real Estate Market Update

River West Fulton River District Chicago Real Estate Market Update

Price Range: $800,000+

River West Fulton River District Chicago Real Estate Market Update

River West Fulton River District Chicago Real Estate Market Update

River West/Fulton River District

Housing Type: Townhome

While we have nearly the same number of townhomes listed as last month there have been quite a few that have gone under contract! While the one that sold had a market time of only 6 days those that are under contract have an average market time of 100 days. Either way, the rapidness of the quantity of homes that are going under contract and closing in this market as compared to ones that are just being listed is really keeping the months supply of inventory at an extremely low level. As we explained above it will be a much easier market for both buyers and sellers if there were more homes on the market. It's a fantastic time to list, if you are preparing to do so. The home that closed did so for $551,000.

 

Price Range: $400,000-$800,000

River West Fulton River District Chicago Real Estate Market Update

 

River West Fulton River District Chicago Real Estate Market Update

Price Range: $800,000+

River West Fulton River District Chicago Real Estate Market Update

 

Start your River West/Fulton River District 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 doesn't have houses) 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!

 

Terri Buseman

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 2 commentsTerri Buseman • August 22 2016 12:41PM

Comments

Thank you for taking the time to share this.  Very informative!

Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (Crye-Leike REALTORS®) over 2 years ago

Thanks Jim!

Posted by Terri Buseman, Downtown Chicago (RE/MAX Premier Properties) over 2 years ago

Participate