The Chicago area was spared from a deep freeze for much of January 2016. Thanks to El Nino, we even enjoyed several springlike days. But it is still winter after all so a few snowy days were inevitable. Compared to the last few years of Polar Vortex, I'll take it!
South Loop condo sales volume also warmed up compared to January 2015. January 2016 volume for South Loop zip codes 60605 and 60616 was about 46% higher than January 2015. (This information is a comparison of January only, not for the entire 12 months of 2015). 109 properties went on the market this January. That was a 35% increase from 81 new listings in January 2015.
Despite an increase in volume, January's average sales price saw a bit of a cool down. The average price of units sold was $393,867. That is down 9.75% from 2015's average sales price of $436,442.
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There were 38 sales of condos/townhomes in January 2016. These consisted of:
Eleven 1-Bedroom
Nineteen 2-Bedroom
Six 3-Bedroom
Two 4-Bedroom
On any given weekend in January, the South Loop saw a steady parade of buyers and their agents. Open houses reported very good traffic. Will that continue into February? Will the February market deliver valentines to South Loop sellers? Will available inventory set buyers' hearts aflutter? Stop by again next month to see if Cupid was kind to the South Loop real estate market.
In the meantime, if you're ready to call Chicago's South Loop home, click here to see current properties for sale. If there's something you'd like to see in person, I'm just a phone call or an email away.
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