Price Significantly Cut on Sold South Loop House: Neighborhood Update

Begin your South Loop home search here. 

 

South Loop

Housing Type: Condo

Just like we saw yesterday in the Loop inventory is increasing slightly over last month and pushing the condos that are priced at $600k and higher into a balanced market. Both sellers and buyers tend to enjoy a balanced market. There is the right amount of inventory for demand. A seller who has been keeping a close eye on the market might feel it slowing down, but there is no need to panic. Homes that are priced and marketed well still sell quickly. The best strategy is to price your home at or just a little below market value. Buyers are still prepared for the potential of multiple offers and won't hesitate to bid over your asking price, if they feel the value is there. If you try to price ahead of the market, that is, a little higher than current value because you feel prices are rising your home will be more likely to stay on the market longer, until the price is lowered accordingly. The median sales price for condos was $347,000.

 

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

Price Range: $800,000+

 

South Loop

Housing Type: Townhome

Inventory is holding pretty steady among the townhomes and it is still pretty low. While the average market time is 52 days nearly half of the townhomes that closed sold in less than a month. This is still a seller's market as the townhomes in the South Loop continue to be a very popular downtown living option. The median sales price for townhomes was $640,000.

 

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

 

Price Range: $800,000+

South Loop

Housing Type: Single Family

You may remember the home that closed, it went under contract in March. It had one price drop in its long market time, by $38,000. It only took about a month to sell after the price drop and the buyers paid cash. The home sold for $1,560,000, $127,000 less than it was last listed for.

 

Price Range: $800,000+

 

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 doesn't have houses) 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

312-208-5166                               

Terri@TerriBuseman.com

www.ChicagoCityHomesForSale.com  

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Comment balloon 1 commentTerri Buseman • June 01 2017 08:55PM
Price Significantly Cut on Sold South Loop House: Neighborhood Update
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