New East Side (Chicago, IL)
By Terri Buseman, Downtown Chicago
(RE/MAX Premier Properties)
Start your New East Side home search here. New East SideHousing Type: CondoInventory remains steady and low in the New East Side, compared to our last report. Most homes have been selling in just under a month. One home shows as having a market time of 508 days, however, if you look at the listing history it only shows as being on the market for about 160 days total. Our best guess is that there was a glitch in the system that calculates these numbers. Overall sellers are in a very good place in this neighborhood. They are all enjoying short listing times and values are increasing. The median sales price for condos in the New East Side was $532,500.Price Range: $400,000-$800,000Price Range: $800,000+ Start your New East Side home search here. For information about real estate in Chicago...
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By Terri Buseman, Downtown Chicago
(RE/MAX Premier Properties)
Start your New East Side home search here. New East SideHousing Type: CondoThe New East Side is continuing to enjoy low inventory and low market times. Sellers are in a good position in this neighborhood. There is a  little competition, but not too much and having a few homes to choose from gives buyers confidence in their choice. The higher price ranges are seeing a more balanced market. However, most of those condos are in Vista Tower, the new highrise with delivery starting in 2019. The median sales price for condos in the New East Side was $560,000.Price Range: $400,000-$800,000Price Range: $800,000+  Start your New East Side home search here. For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!
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By Terri Buseman, Downtown Chicago
(RE/MAX Premier Properties)
Start your New East Side home search here. New East SideHousing Type: CondoMany price ranges are continuing to push towards a balanced market, as we saw in our last report. However, with market times of only 1-2 months sellers are still enjoying short listing times. One home noticeably took over 900 days to sell. It was on and off the market since 2014, during which time the asking price was most often at $799k. Its last asking price was $789k + $50k for parking and it sold for $769k including parking. We can only imagine how much more quickly it would have sold if the price was dropped to somewhere around $769k much sooner. The median sales price for condos in the New East Side was $545,000.Price Range: $400,000-$800,000Price Range: $800,000+ Start your New East Side home search here. ...
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By Terri Buseman, Downtown Chicago
(RE/MAX Premier Properties)
Start your New East Side home search here. New East SideHousing Type: CondoWe are seeing either a lack of movement or an increase in inventory, since our last report, among the $500k-2m price ranges. This is pushing the month's supply of inventory up for those homes. In most cases this neighborhood is still in a seller's market, but these changes have it facing a balanced market. Seller's might be noticing that there is more competition. It's not enough to significantly hinder sales time, but seller's will want to take care to market their listing competitively to help promote a faster sale. The median sales price for condos in the New East Side was $410,000.Price Range: $400,000-$800,000Price Range: $800,000+ Start your New East Side home search here. For information about real estate ...
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By Terri Buseman, Downtown Chicago
(RE/MAX Premier Properties)
Start your New East Side home search here. New East SideHousing Type: CondoJust a few more homes came to the market than went under contract over the past month, but not enough to make a big difference in the month's supply of inventory. We saw the biggest difference in the $500-600k range and the $1-2m range where there was only one sale each to base the inventory on. These homes are all still in a seller's market, there is more demand for these homes than there are homes available. A seller's market is when the month's supply of inventory is less than 6 months. Nationwide that supply is 3.6 and in this neighborhood, it is not much higher at 4.2. The demand is likely to continue for awhile, making it a great time to list your home! The median sales price for condos in the New East Side...
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By Terri Buseman, Downtown Chicago
(RE/MAX Premier Properties)
Start your New East Side home search here. New East SideHousing Type: CondoSome new listings have bumped up the month's supply of inventory a bit over last month.This is good news for buyers because homes are still selling very fast. Short market times are keeping the month's supply of inventory down, so in most priced ranges it is under 3 months. Buyers who want to move to this neighborhood will need to be ready to make a quick decision once they find their dream home. The median sales price for condos in the New East Side was $401,250.Price Range: $400,000-$800,000 Price Range: $800,000+ Start your New East Side home search here. For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report! *In this blog series we focu...
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By Terri Buseman, Downtown Chicago
(RE/MAX Premier Properties)
Start your New East Side home search here. New East SideHousing Type: CondoThere wasn't a lot of activity over the past month. A few listings expired and not too many more were brought to the market. Coming out of the holiday season this is pretty typical. Since it is a new year we created graphs to show the market trends over the past 12 months. We can see that the condos have continued to be in a hot seller's market with less than 3 months of inventory. The biggest addition to the neighborhood is Vista Tower, which just broke ground in September. You will notice that over the course of the year 95 properties went under contract in the $1-2m range, but only 22 have closed. Nearly all of these homes are in Vista Tower which has an expected delivery date of 2019-2020. So, even though it ...
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