The number of listed Chicago Loop condos for sale in the 2nd quarter was down 8.2% from 2nd quarter 2012.* There were 691 Chicago Loop condos for sale compared with 753 a year earlier. The percent of distressed sales (short sales and foreclosures) dropped from 23% of the inventory to 13%.
Back in April I wrote about how the number of Chicago Loop condos for sale in the first quarter was down over 24%. The number of Loop condos for sale in the first quarter was down over 53% from 2010.
The median sale price was up 4.7%. The number of condos sold in the 2nd quarter was up 15.4% from a year earlier. There were 262 sales. Chicago Loop condos pending (under contract) sales were up 34.2%, so sales should do well in this quarter.
WHAT THIS MEANS FOR CHICAGO LOOP CONDO BUYERS
With lower inventory and higher prices be prepared to encounter competing offers from other buyers. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes for sale. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.
WHAT THIS MEANS FOR CHICAGO LOOP CONDO SELLERS
If your home is priced right when it goes on market, it should sell in less than 3 months. The average days on market was down 46% to 82 days. If you’re considering selling your condo, contact me for a free market analysis
CHICAGO LOOP CONDOS FOR SALE
Click below to see Chicago Loop condos for sale by price range.
|$3M+||$2M - $3M||$1.5M - $2M||$1M - $1.5M|
|$900K - $1M||$800K - $900K||$700K - $800K||$600K - $700K|
|$500K - $600K||$400K - $500K||$300K - $400K||$200K - $300K|
FEATURED CHICAGO LOOP CONDO BUILDINGS
|Aqua||130 N Garland||155 N Harbor Drive||310 S Michigan|
|1160 S Michigan||Legacy At Millennium Park||340 E Randolph||400 E Randolph|
|520 S State||420 E Waterside||450 E Waterside||201 N Westshore|
Call us at 773-793-4516 or email us.
*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).