The median sale price for condos in Chicago’s Loop in the second quarter was up 9.3% from a year earlier. The median sale price was $355,000.*
In April I wrote about how Chicago Loop condo prices were up 7% in the first quarter. As shown below, the media sale price in the second quarter was up over 20% from 2011.
The number of listed Chicago Loop condos for sale in the 2nd quarter fell 1.4%. There were 690 Loop condos for sale compared with 700 a year earlier. The percent of distressed sales (short sales and foreclosures) dropped from 10% of the inventory to 6%.
The average sale price as a percent of original sale price for homes with no price changes was 98.5% down from 99.3%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 92.8% down from 96.2%.
The number of condos sold in the 2nd quarter was down 10.3%. There were 236 sales. Chicago Loop condos pending (under contract) sales were down 15.6%.
WHAT THIS MEANS FOR CHICAGO LOOP CONDO BUYERS
With rising 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 1% to 81 days. With the drop in inventory slowing and average sale price as a percent of original sale price falling 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, get our free home valuation.
CHICAGO LOOP CONDOS FOR SALE
|$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|
*includes apartments and townhouses
Information is based on data from Midwest Real Estate Data (MRED).