Start your West Loop home search here.
*Allow me to let you in on a little industry secret. We have two ways of collecting these numbers for you. One is through a reporting program in the MLS called Infosparks. The other is by manually looking up the data in the MLS. Infosparks is great for a quick view of the market, however, if you want to dig deeper you need to go to the actual MLS, look up the data manually and you may find that the numbers don't quite match what you found on Infosparks. Infosparks is updated often, but not as often as the MLS and it doesn't show exactly what properties it is reporting on. In providing these reports via Infosparks we have come across some times in which we wanted to dig deeper, but couldn't verify exactly which properties were in the report. Due to that we are now gathering this data straight from the MLS, so if we want to dig deeper the listings we are reporting on will be right at our fingertips.
West Loop
Housing Type: Condo
Talk about a seller's market! The West Loop can't seem to keep up with the activity. In nearly every price range of condos there are more homes under contract and sold than there were listed last month. And it's no wonder with average market times that are under a month, even under a week in some cases! The median sales price for condos was $335,000.
Price Range: $400,000-$800,000
Price Range: $800,000+
West Loop
Housing Type: Townhome
There is a little more inventory among the higher priced townhomes, but the months supply is still quite low at 3 months or less and homes are still selling quite fast, in less than 3 months. Two of the homes that sold even did so for over asking price, so they likely received multiple offers. The median sales price for West Loop townhomes was $615,000.
Price Range: $400,000-800,000
Price Range: $800,000+
West Loop
Housing Type: Single Family
Both single family homes that were under contract have sold, in 5 and 51 days. There is now only one on the market. Such little inventory is sure to attract a lot of attention from buyers. If you are thinking of listing your West Loop home now is a great time to get a lot of traffic to come through, which can lead to a very quick sale! The median sales price of the two houses that sold was $1,145,000.
Price Range: $400,000-800,000
Price Range: $800,000+
Start your West Loop home search here.
*In this blog series we focus on one of twenty neighborhoods in Chicago, each day, and provide charts to give you a brief update on the activity that neighborhood has seen over the past month in a variety of price ranges for Single Family Homes, Townhouses, and Condos, as available.
When looking at these charts please keep in mind that not every housing type is available in every neighborhood (the Loop only has condos) and some homes compete within even smaller subsections than these, meaning we can dig even further in this data. Please let me know if you would like a personal assessment of your target market.
For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!
Comments(0)