Pricing for the Market is Vital in the Loop: Neighborhood Update

Begin your Chicago Loop home search here.

 

Loop

Housing Type: Condo

More homes have come to the market than have sold in the past month. As a result the month's supply of inventory is creeping up. That's not to say that homes are not selling. In fact, it is still a seller's market and of the 24 condos that closed in these price ranges 1/3 of them had a market time of under 2 months. The spring season kicks off in just over one month. That's when we usually see the largest spike in activity. The additional inventory the spring market brings might push some price ranges into a balanced market, but for the most part this neighborhood is likely to remain in a seller's market for some time. The median sales price for condos was $413,750.

 

Price Range: $400,000-$800,000 

Loop Chicago Neighborhood Real Estate Market Update

Loop Chicago Neighborhood Real Estate Market Update

Price Range: $800,000+

Loop Chicago Neighborhood Real Estate Market Update

Loop Chicago Neighborhood Real Estate Market Update

Loop

Housing Type: Townhome

Even though townhomes in the Loop are sought after, as explained in our last report, sellers still need to price their home according to its market value in order for it to sell. The home that closed took a total of 277 days. It was listed for sale "as is", which means the seller makes no guarantees to the condition of the home. The buyer of such a home must beware as he will be purchasing the home in the condition in which it was listed, including known physical defects. In many cases the term "as is" on a listing means the home needs work and the buyer will have to be prepared to correct the problem. Because the buyer will be prepared to put work and money into the home he won't want to pay top dollar for it. In this home's case the market time illustrated that. The home was originally listed for $629,900 and finally sold for $450,000. A seller can ask any price for his home, but if the buyers don't see the value in the asking price they will walk away, even if there is nothing else on the market. See the chart at the bottom to see how pricing affects the visibility of your home.

 

Price Range: $400,000-$800,000 

Loop Chicago Neighborhood Real Estate Market Update

Loop Chicago Neighborhood Real Estate Market Update

 

Begin your Chicago 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

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comment balloon 0 commentsTerri Buseman • February 09 2017 07:12PM

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