The Balancing Market in Streeterville: Neighborhood Update

Start your Streeterville home search here. 

 

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 a great market to be in as either a buyer or seller, but since most of the city is in a seller's market it is important for seller's to see the difference in Streeterville. If you are planning on selling your condo in the neighborhood be prepared for it to take a few months. The buyers have choices to make, so you will need to act competitively if you want to shorten your marketing time. See the bottom of this post for a chart that illustrates how your pricing strategy can have an effect on how many buyers will take notice of your listing. The median sales price for condos in Streeterville was $417,500.

 

Price Range: $400,000-$800,000 

Streeterville Chicago Real Estate Market Trends

Streeterville Chicago Real Estate Market Trends

Price Range: $800,000+

Streeterville Chicago Real Estate Market Trends

Streeterville Chicago Real Estate Market Trends

 

Streeterville

Housing Type: Townhome

We have been paying close attention to the few homes that are available in this market. The listing that has a land lease has been canceled. Perhaps we will see it again one day. The designer home with a detailed description and great pictures is still under contract. There is a new listing on North Water that is comparable to the one that did not have any interior pictures. This listing shows bright clear pictures of the interior and has a detailed description. It has only been on the market for one day. The other one has recently dropped its price by $150k and some interior photos have been uploaded. We showed evidence last month that a home can sell faster with great pictures, a detailed description, and strong marketing plan. Now, of the two neighboring homes that are available one has come to the market with strong marketing, but is smaller by 234sf (1b & a powder room) and it is listed for $300k more. It will be interesting to see which home sells first and which one nets the greatest price!

 

Price Range: $800,000+

Streeterville Chicago Real Estate Market Trends

 

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 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.

 


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Terri Buseman

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 2 commentsTerri Buseman • August 23 2016 02:10PM

Comments

Nice post on Streeterville Neighborhood, Terri! Nice presentation! All the best!

Posted by Garreth Wilcock, Homes at Mueller (Sherlock Homes Austin) over 2 years ago

Thanks Garreth!

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

Participate