Sellers Getting off the Fence in Streeterville: Neighborhood Update

Start your Streeterville home search here. 

 

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 a little in this neighborhood, but homes are continuing to sell pretty fast. This market does have potential to balance out this year, but if there we don't see an overwhelming surge of sellers it will be a gradual shift. The median sales price for condos in Streeterville over the past month was $355,000.

Price Range: $400,000-$800,000 

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

Two townhomes have come to the market this month. They are both 3b/3ba and in the same complex, the only townhome complex in Streeterville. One is listed for $899,000 and is subject to a land lease and the other is listed for $1.2m, no land lease. Currently, they have a market time of 11 and 28 days, respectively. Both have assessments of $460, but the home with the land lease also has a fee of $725/mo for the land. The last 3b/3ba townhome to close without a land lease closed on 7/11/16 after 34 days on the market. The last 3b/3ba with a land lease to sell closed on 12/7/16 after 209 days on the market. It will be interesting to watch these comparable homes and see if the one with the land lease takes longer to sell again.

 

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

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comment balloon 0 commentsTerri Buseman • February 16 2017 04:37PM

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