Effects of Month's Supply of Inventory: South Loop Neighborhood Update

Begin your South Loop home search here. 

 

South Loop

Housing Type: Condo

It's interesting that inventory is still so high in the $500-600 range and in the $1-2m range. The $500-600 range is especially intriguing because it's basically more than 2 months off of the categories before and after it, where there is only up to a $100k difference between them. It's a little more drastic than it was last month, but the market times have gone down a lot, which is a very good thing. Last month the $500-600k range had an average market time of 88 days among 5 sales and this month there were 11 sales with an average market time of 36 days. This shows that to understand the market and consider how it might change we have to look at these numbers as a big picture. The month's supply of inventory is calculated by how long the current inventory will take to sell if it sells at the rate of what has sold. Do you think it's going to go up or down next month? The median sales price for condos was $340,000.

 

Price Range: $400,000-$800,000

South Loop Chicago Neighborhood Real Estate Market Update

South Loop Chicago Neighborhood Real Estate Market Update

Price Range: $800,000+

South Loop Chicago Neighborhood Real Estate Market Update

South Loop Chicago Neighborhood Real Estate Market Update

 

South Loop

Housing Type: Townhome

Last month we thought the month's supply of inventory was on its way up, but even though one home took 781 days to sell the inventory indicator has dropped across the board. Everything else sold in less than a month. Currently, the average market time for the homes that are under contract is 107 days and for those that are available it is 97 days. Do you think we will see the month's supply of inventory go back up? The median sales price for South Loop townhomes was $583,500.

 

Price Range: $400,000-$800,000

South Loop Chicago Neighborhood Real Estate Market Update

South Loop Chicago Neighborhood Real Estate Market Update

Price Range: $800,000+

South Loop Chicago Neighborhood Real Estate Market Update

 

South Loop

Housing Type: Single Family

There have been no changes among the single family homes. 

 

Price Range: $800,000+

South Loop Chicago Neighborhood Real Estate Market Update

 

Begin your South 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!

 

Terri Buseman

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Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 0 commentsTerri Buseman • August 12 2016 02:35PM
Effects of Month's Supply of Inventory: South Loop Neighborhood Update
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