The median sale price of listed Chicago Loop condos sold in the 1st quarter of 2013 was up 3.1% compared to a year earlier.* The median sale price was $298,950 compared to $290,000 in the 1st quarter of 2012.
The median sale price excluding distressed sales (short sales & foreclosures) actually fell 9.2%. This can be partially attributed to slightly more sales of smaller units as a percent of total units sold. The median sale price for distressed sales remained the same.
The number of Chicago Loop condos sold was up 14.5%. The inventory of Chicago Loop condos for sale in the 1st quarter was down 24.5%. The average days on market was down 26.3%. Pending sales were up 20.8%, so sales should do well this quarter.
WHAT THIS MEANS FOR CHICAGO LOOP CONDO BUYERS
Significantly lower inventory, rising sales, rising pending sales and lower market times signal that the buyers market is over. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. If you’re paying cash, get a proof of funds letter ready to go.
WHAT THIS MEANS FOR CHICAGO LOOP CONDO SELLERS
Most of the indicators are positive for sellers, but expectations should be tempered with the lower average median sale price for non-distressed sales. It’s not a sellers market yet. As always, if your condo is priced right when it goes on market, it will sell in a reasonable amount of time.
CHICAGO LOOP CONDOS FOR SALE
Click below to see the Chicago Loop condos for sale in your desired 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 |
QUESTIONS?
Call Fran at 773-793-4516, text or email
*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).
Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
