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

Recent Posts

June 18, 2024
SAVOR THE SUMMER: BEST OUTDOOR EATS AND DRINKS NEAR NEW EASTSIDE

Looking for the best spots to eat and hang out in Chicago's New Eastside? Discover my handpicked favorites for outdoor dining that locals love. From sunrise coffee to sunset cocktails, let's explore where the good vibes and great flavors are at.

Read More
June 5, 2024
7 QUESTIONS TO ASK BEFORE HIRING A LISTING AGENT

Thinking of selling your Lakeshore East condo? Facing challenges like competing floor plans, outdated finishes, or lower-priced units next door? Discover how the right agent can make your home stand out and sell for top dollar. Don't list until you've read this!

Read More
May 14, 2024
PARK TO PATH: NAVIGATING THE NEW EASTSIDE

Explore one of LakeShore East's top routes with the latest video guide, "From Park to Path." We’ll walk from Lakeshore East Park to the Riverwalk and lakefront, highlighting key spots and local businesses along the way. Perfect for both new visitors and residents, this guide will help you navigate and enjoy some of our neighborhood's […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign Up For Our Newsletter

SIGN UP

New Eastside Living

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

ginger@gingermenne.com
Tel (312) 927-0852
Off (312) 216-5887
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram