I recently examined condo values for Hyde Park.
Now let’s go a little further north and take a
look at the South Loop Real Estate market.
The South Loop is a very popular neighborhood.
I feel that this area is an excellent area
to invest in. This is because this area is so
close to all that downtown has to offer:
jobs, shopping, restaurants, museums, parks, etc.
For this analysis, I made “2200 South” my cutoff point.
2009 3rd QTR
South Loop Condo Sales
========================================
.Type
.#_Sold
.AVG_Price
=========================================
..1Bed……47……..$260K
..2Bed…..121……..$372K
..3Bed……18……..$700K
..5Bed…….1……..$676K
There was a lot of activity in the 3rd quarter
within the South Loop. A total of 187 condos were
sold in the 3rd quarter. That’s about 62 condos
sold per month. It looks like buyers in the South Loop
are still finding financing. This is a great sign
for the local Real Estate market.
However, there is still a lot of inventory available
in the South Loop neighborhood. Currently there are
882 Condos listed for For Sale on the MLS.
So, we have about 14 months of inventory.
A balanced market is considered to have 6 months of inventory.
So, it is still definitely a buyers market in the South Loop.
But, prices seem to be holding up pretty well at $372K for
the average 2 bed/2 bath condo. Let’s dig a little deeper
and take a look at the price trend for a South Loop condo.
See below…
Please contact me for more
information on buying a South Loop Condo.
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
EQUAL HOUSING OPPORTUNITY
