January 30, 2024

Lakeshore East: Spring 2024 Pricing and Market Outlook

January 30, 2024

Lakeshore East: Spring 2024 Pricing and Market Outlook

Navigating the Numbers: 
Pricing Your New East Side Condo for Spring 2024

As the first signs of spring appear in Chicago, Loop condo owners are once again faced with the pressing question of pricing their homes for the season. I'm Ginger Menne, diving straight into the heart of real estate—numbers. A well-supported asking price is the backbone of a real estate transaction, and I'm here to show you why. Let's hone in on price, leveraging comparable sales and hard market data to land the right number.
Home sales have been exceeding new inventory for several weeks. Since this is a Buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing.
Previous Posts on Condo Pricing in LakeShore East

Lakeshore East
Spring 2024 Market Forecasting

As the spring 2024 market draws near, several key trends signal how to calibrate pricing effectively Lakeshore East.


LakeShore East Market Dynamics:

Solid Sales Performance: 85% of off-market condos were sold, displaying a healthy demand.

Varied Sale Timelines: Not every sale was swift, underscoring the need for market-appropriate pricing.

Expired Listings: The 12% of unsold inventory spotlights the consequence of misaligned prices.

Pricing Wisdom: Echoing my motto, your asking price must resonate with the buyer—and data does just that.


Value Drivers in Pricing:

The Critical Trio: Prices should be set based on detailed comparisons with recently sold properties reflecting similar attributes.

Assessment and Adjustment: With days on the market trending upward, it's crucial to price properties with precision to meet the active market's pace.


Lakeshore East Market Advantages:

Inventory Constraints: The market's limited inventory creates a seller-friendly environment.

Interest Rate Stability: Attractive rates benefit both buyers and sellers, facilitating transactions.

Sales Growth Anticipation: Projections suggest increased sales activity compared to last year, indicating a positive market shift.


Current Market Statistics Snapshot (as of 01/28/2024):

Sales and Supply Trends: There’s a noticeable dip in monthly sales but an average sale price jump from 479,000 to 563,000.

Price Alignment: The SP/LP percentage increase signifies that offerings are meeting buyer expectations.

Extended Market Presence: A rise in the median days on market implies a need for well-reasoned pricing.


Implications for Lakeshore East Residents:

Seller Insights: Consider listing at robust prices, given the demand, but be realistic about longer selling times.

Buyer Considerations: As condo values appreciate, striking early, especially with favorable rates, could be advantageous.

Overall Strategy: Market awareness and readiness to act promptly are your allies in navigating this year's spring market.
As we ramp up for Spring 2024, aligning your pricing with the active data trends will differentiate success. Fast sales are often a result of accurate pricing, and with the current market hinting at a season of heightened activity and value appreciation, it's essential to navigate with a numbers-first mindset.
Market Conditions Addendum Report ending 01/28/2024

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New Eastside Living

Ginger Menne
737 N. Michigan Ave, Suite 1800
Chicago, IL 60611

Tel (312) 927-0852
Off (312) 216-5887
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