Inventory Levels Deceiving in West Loop Gate: Neighborhood Update

Start your West Loop Gate home search here.

 

West Loop Gate

Housing Type: Condo

Even though this market hasn't slowed down since our last report, or many months before it, the month's supply of inventory in the $400-500k range has spiked from 2.8 to 10 months. The homes that sold had an average market time of only 27 days, but the ones that remain on the market have much longer sales times. Those that are under contract have an average market time of 124 days and those that are available currently have an average market time of 104 days. One was just listed today, the next lowest market time is 30 days, with the highest being 227 days. That one was originally listed for $499,000 and is currently asking $459,000. It's very frustrating as a seller to sit on a property so long and to lower the price so drastically. This is one of the reasons that it is vital for sellers to price their home close to market value. Buyers set the value at the point of purchase. If they aren't making offers, very often, the price is too high. The median sales price for condos last month was $422,500.

 

Price Range: $400,000-$800,000 

Price Range: $800,000+

Start your West Loop Gate 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

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 0 commentsTerri Buseman • November 10 2017 10:03PM
Inventory Levels Deceiving in West Loop Gate: Neighborhood Update
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