South Loop Real Estate Analysis
2009 3rd Quarter Condo Sales
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.
This is because this area is so close to all
the wonderful things that downtown has to offer:
jobs, shopping, restaurants, museums, parks, etc.
(Note: I made “2200 South” my southern border)
South Loop Condo Sales
============================
.Type
.#_Sold
Median_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. Apparently, 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 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. This excess inventory should exert
downward pressure on prices. To illustrate this point,
let’s take a look at the price trend for a 2 bed/2bath condo.
It looks like we may have hit bottom around June 2009.
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
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