Loop condos for sale down 9.4%, prices up 14.8% in Q4

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.

Quarterly Statistics Chicago Loop Condos 4th Qtr. 2010 - 4th Qtr. 2013 Chart

Quarterly Statistics Chicago Loop Condos 4th Qtr. 2010 - 4th Qtr. 2013

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

225 N Columbus130 N Garland155 N Harbor310 S Michigan
1160 S Michigan60 E Monroe340 E Randolph400 E Randolph
520 S State420 E Waterside450 E Waterside201 N Westshore

QUESTIONS?

Call us at 773-793-4516 or email us.

*includes apartments and townhouses, based on MRED (Midwest Real Estate Data)

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ABOUT THE AUTHOR

Fran Bailey Fran Bailey is a Realtor who has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773-793-4516. Learn More