The big picture for the Chicago Streeterville real estate market is that it’s now likely a buyers market. The statistics below support this argument. With overall sales volatility, decreasing sales prices, increasing listing market times, sales price versus list price ratios hovering around 97%, and months supply of homes sitting at 7.4 months in September 2018, this market has tipped to a buyers market. Fundamentally, this means that sellers must properly price their homes when they first list. Nevertheless, there is nearly always a bright spot in markets, and the hottest district in Chicago Streeterville is the Riverwalk District, which has relatively high median and average Sales Price vs List Price ratios (SP:LP). Here is a map showing how we define the Chicago Streeterville real estate market:
Chicago Streeterville Residential Real Estate Market Statistics
Following is a series of charts showing key residential real estate market trends in the Chicago Gold Coast for attached, single-family homes, January 2017 -September 2018 (unless otherwise noted).
Closed Sales
From January 2015, after reaching a peak of 674 sales for the 12-month period ending April 2017, Closed Sales in Chicago Streeterville for the 12-month period ending August 2018 came in at 627 units (a 7.0% decrease from 12-month period ending April 2017, 6.1% decrease from 12-month period ending August 2017, but a 2.0% increase from 12-month period ending August 2016). For the 12-month period ending September 2018, Closed Sales came in at 638 units (a 1.8% increase from August 2018, a 0.9% increase from September 2017, but a 0.0% increase/decrease from September 2016). Looking at the 2016 and 2018 numbers, we see a similar pattern, but wide variability through 2017. Thus, there is some volatility in this market, which means sellers in this market must ensure that they initially properly price their properties.
Median and Average Sales Price
The overall decreases in Sales Prices for the Chicago Streeterville real estate market indicates that this market is cooling off a bit and buyers have more power to negotiate offers. For attached single-family properties in Chicago Streeterville, the September 2018 Median Sales Price was $464,500 (1.2% decrease from September 2017) and the Average Sales Price was $559,628 (34.9% decrease from September 2017).
Median and Average Market Times
As Sales Prices decrease, Market Times are increasing in the Chicago Streeterville real estate market. Thus, sellers in this market should set their expectations accordingly and brace for listing market times of over a month in certain cases. For attached single-family properties in Chicago Streeterville, the September 2018 Median Market Time was 74 days (37.0% increase from September 2017) and the Average Market Time was 119 days (8.2% increase from September 2017).
Median and Average Percent of Last List Price
The nearly identical data points for median and average Percent of Last Price indicates the Chicago Streeterville real estate market has tipped towards a buyers market. This contention is corroborated by looking at the increase in Months Supply of homes (detailed below) and increasing Market Times (as discussed above). The combination of these factors indicates that sellers can expect to receive aggressive offers for their properties–sometimes at below listing price–especially if their properties are not properly priced to accord with existing market conditions. Regarding Last List Price, “last list price” is the price that immediately precedes the sales price of a property (for example, a property could initially enter the MRED MLS at a $560,000 sales price and then after a few weeks this price is adjusted to $550,000; the former price is the original list price and the latter price is the last list price). This statistic is also known as a SP:LP ratio (Sales Price:List Price ratio); a SP:LP over 100% means a property sold for more than last listing price, whereas a SP:LP under 100% means a property sold for less than last listing price. For attached single-family properties in Chicago Streeterville, the September 2018 Median Percent of Last List Price was 97.2% (0.1% increase from August 2017) and the Average Percent of Last List Price was 97.0% (0.1% increase from August 2017).
Months Supply of Homes for Sale
The Chicago Streeterville real estate market is now a buyers market. This means that buyers have more choice regarding properties because there is more supply from which to choose. This means it’s critical for sellers to properly price their properties when their properties are first listed. When a market approaches six months of supply (meaning it would take six months for available homes to sell in Chicago Streeterville if no additional homes were listed and demand kept at its current pace) it’s generally considered a balanced market. For attached single-family properties in Chicago Streeterville, the September 2018 Months Supply of homes was 7.4 months (12.1% increase from September 2017, and 5.7% increase from August 2018, which was seven months). Thus, this market is considered a buyers market.
Showings Per Listing
Showings per listing for attached single-family homes in the Chicago Streeterville for September 2018 was 2.5 showings (7.4% decrease from September 2017). This statistic is in accordance with the above statistics.
District Level Q2 2018 Chicago Streeterville Real Estate Market Statistics
Continuing our analysis of the Chicago Streeterville real estate market, we’ll now focus on Q2 2018 sold property statistics for condos, co-ops, and/or town-homes in buildings with eight or more units. We’ve broken down the Chicago Streeterville market into four districts: Streeterville Water Tower District, Streeterville Central District, Streeterville Riverwalk District. The following analysis of these districts will focus on Q2 2018 market statistics.
(1) Chicago Streeterville Water Tower District Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 87
- Sold Price: $490,000 median / $686,342 average
- Listing Market Time: 28 days median / 70 days average
- SP:LP: 97% median / 96% average (104% was the highest SP:LP)
The map below shows the market boundaries we use to designate the Chicago Streeterville Water Tower District real estate market and properties for sale.
(2) Chicago Streeterville Central District Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 56
- Sold Price: $406,500 median / $655,982 average
- Listing Market Time: 28 days median / 59 days average
- SP:LP: 97% median / 98% average (107% was the highest SP:LP)
The map below shows the market boundaries we use to designate the Chicago Streeterville Central District real estate market and properties for sale.
(3) Chicago Streeterville Riverwalk District Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 73
- Sold Price: $450,000 median / $564,870 average
- Listing Market Time: 32 days median / 46 days average
- SP:LP: 98% median / 99% average (114% was the highest SP:LP)
The map below shows the market boundaries we use to designate the Chicago Streeterville Riverwalk District real estate market and properties for sale.
In summary, the Chicago Streeterville real estate market is a buyers market. With months supply of home at 7.4 months as of September 2018, SP:LP ratios at around 97%, and increased market times, buyers have more housing supply from which to choose. This means it’s imperative for sellers to properly price their homes as soon as their properties are listed for sale and to brace for listing times that may trend longer compared to other Chicago real estate market areas.
** Market statistics and information compiled by Anne Ewasko and Eric Bryn of Lux Home Chicago. This compilation of market statistics and information is deemed reliable but is not guaranteed accurate by the MRED MLS, Lux Home Chicago, or Baird & Warner.