The number of listed Chicago Loop condos for sale in the 4th quarter was down 9.4% from 4th quarter 2012.* There were 556 Chicago Loop condos for sale compared with 614 a year earlier. The percent of distressed sales (short sales and foreclosures) dropped from 17% of the inventory to 11%.
Back in October I wrote about how the number of Chicago Loop condos for sale in the third quarter was down 8.6%. The number of Loop condos for sale in the fourth quarter was down over 48% from 2010.
The median sale price was up 14.8%. The average sale price as a percent of original sale price for homes with no price changes was 98.2% up from 94.4%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 90.8% up from 89.6%.
The number of condos sold in the 4th quarter was flat. There were 222 sales. Chicago Loop condos pending (under contract) sales were down 5.1%.
WHAT THIS MEANS FOR CHICAGO LOOP CONDO BUYERS
With lower inventory, average sale price as a percent of original sale price 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 35% to 87 days. With the drop in inventory slowing you definitely shouldn’t price your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. 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).