The inventory of listed Chicago Loop condos for sale continues to drop.* There were 688 such condos for sale in the third quarter down 30.6% from third quarter 2011 when there were 992 such condos for sale.
In June I wrote about how Chicago Loop condos for sale were down 60% in May from 2 years ago. As shown below the inventory of Chicago Loop condos for sale has set a quarterly 4 year low.
The median sale price dropped 4.3% to $291,250. The number of closed sales was up 33%. The average days on market for pending sales was down 44%. Pending sales were up 30%.
WHAT THIS MEANS FOR CHICAGO LOOP CONDO BUYERS
It’s still a buyer’s market, but you don’t have nearly the choices that you had a year ago. You won’t be able to negotiate as much since there aren’t as many sellers competing against each other.
WHAT THIS MEANS FOR CHICAGO LOOP CONDO SELLERS
Given that the market appears to be forming a bottom, I don’t recommend selling unless
1. you really need to
or
2. you want to move up to a more expensive home (It’s probably come down more in value in the past few years than your current home.)
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 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 lofts 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 
