Signs Point Towards a Buyers Market for Chicago Streeterville Real Estate
For condominiums, town-homes, or co-ops that were located in buildings with eight or more units in Streeterville, the number of sold properties and overall sales volume was down Q3 2018 compared to Q2 2018. Similarly, median and average sold prices were down in Q3 2018. However, average listing market times decreased by 10.8% (but median listing market time was up by 26.4%). Furthermore, median and average SP:LP ratios decreased 0.5% and 1.1% respectively. Finally, months supply of homes through October 2018 compared to October 2017 increased to seven months. Thus, the majority of data points indicate that Streeterville, for Q3 2018, had entered a buyers market.
NOTE: Property statistics revised and updated on 20th November 2018.
Q3 2018 to Q2 2018 Chicago Streeterville Real Estate Market Comparisons
Property Types: Condos, Co-Ops, and/or Town-Homes located in buildings with 8+ units
Here is a map showing how we define the Chicago Streeterville real estate market:
Sales:
- Properties Sold: 171 (-20.8%)
- Sales Volume: $104,446,511 (-24.1%)
Sold Prices:
- Median: $403,383 (-11.3%)
- Average: $610,798 (-4.2%)
- Highest: $6,250,00 (+7.8%)
- Lowest: $115,000 (+15.0%)
Listing Market Times:
- Median: 37 days (+26.4%)
- Average: 53 days (-10.8%)
- Longest: 356 days (-36.9%)
- Shortest: 1 day (-50.0%)
SP:LP:
- Median: 96.9% (-0.5%)
- Average: 96.5% (-1.1%)
- Highest: 108% (-5.3%)
- Lowest: 58% (-18.3%)
Months Supply
The big picture for the Chicago Streeterville real estate market for Q3 2018 is that it was beginning to soften and tip towards a buyers market. Several factors account for this market dynamic. Listing market times are between 37 and 53 days, SP:LP ratios are trending downwards, which means that sellers are getting less than their asking prices. Perhaps the most telling statistic is that inventories (i.e., months supply of homes for sale) increased to seven months; generally, six months supply is considered a balanced market. With months supply above six months, it’s generally considered a buyers market. Accordingly, if you’re a seller you can expect aggressive price negotiations; thus, you ought to properly price your property in accordance with current market conditions.
District Level Comparisons for the Chicago Streeterville Real Estate Market
We’ve broken down this market into three districts: Chicago Streeterville Water Tower District, Chicago Streeterville Central District, and Chicago Streeterville Riverwalk District.
(1) Q3 2018 vs Q2 2018 Chicago Streeterville Water Tower District District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 80 (-8.0%)
- Sales Volume: $53,026,075 (-11.2%)
Sold Prices:
- Median: $397,450 (-18.9%)
- Average: $662,826 (-3.4%)
- Highest: $6,250,000 (+45.3%)
- Lowest: $115,000 (+15.0%)
Listing Market Times:
- Median: 41 days (+44.6%)
- Average: 59 days (-16.6%)
- Longest: 356 days (-36.9%)
- Shortest: 3 days (+200.0%)
SP:LP:
- Median: 96% (-1.0%)
- Average: 94.9% (-1.3%)
- Highest: 108% (+3.8%)
- Lowest: 58% (-18.3%)
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) Q3 2018 vs Q2 2018 Chicago Streeterville Central District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 48 (-14.3%)
- Sales Volume: $30,553,500 (-16.8%)
Sold Prices:
- Median: $427,500 (+5.2%)
- Average: $636,531 (-3.0%)
- Highest: $2,200,000 (-62.1%)
- Lowest: $178,500 (+3.6%)
Listing Market Times:
- Median: 36 days (+28.6%)
- Average: 52 days (-10.8%)
- Longest: 350 days (-10.7%)
- Shortest: 2 days (-50.0%)
SP:LP:
- Median: 98% (+1.0%)
- Average: 98.1% (+0.1%)
- Highest: 107% (0.0%)
- Lowest: 88% (+3.5%)
The map below shows the market boundaries we use to designate the Chicago Streeterville Central District real estate market and properties for sale.
(3) Q3 2018 vs Q2 2018 Chicago Streeterville Riverwalk District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 43 (-41.1%)
- Sales Volume: $20,866,936 (-49.4%)
Sold Prices:
- Median: $387,500 (-13.9%)
- Average: $485,278 (-14.1%)
- Highest: $1,275,000 (-29.9%)
- Lowest: $175,000 (-10.3%)
Listing Market Times:
- Median: 32 days (+0.0%)
- Average: 42 days (-8.5%)
- Longest: 216 days (-3.6%)
- Shortest: 1 day (-75.0%)
SP:LP:
- Median: 97% (-1.0%)
- Average: 97.8% (-1.2%)
- Highest: 108% (-5.3%)
- Lowest: 85% (-4.5%)
The map below shows the market boundaries we use to designate the Chicago Streeterville Riverwalk District real estate market and properties for sale.
Months Supply
The statistics detailed above demonstrate that each district within the Chicago Streeterville real estate market has entered or is entering a strong buyers market.
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.