Start your West Loop Gate home search here. West Loop GateHousing Type: CondoEven 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 th...
Start your West Loop Gate home search here. West Loop GateHousing Type: CondoThis fast moving market has not slowed down all year. In fact the homes that closed sold much faster than last month. Even though many homes are selling in a matter of days a few are still on the market more than 100 days after listing. Owners of these homes should take a good look at their listing and marketing. Sometimes all it takes is a price drop, a minor face-lift such as paint or new carpeting, or a little staging or even virtual staging to help potential buyers see the possibilities in the home. The median sales price for condos last month was $337,000. 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 neighbo...
Start your West Loop Gate home search here. West Loop GateHousing Type: CondoThe market is continuing at the same pace as our last report. Many homes are still selling in just under a month or two. However, a few homes have been on the market for over 100 days. Even in a hot seller's market homes need to be priced fairly and well presented. Buyer's have a lot of information at their disposal and they will wait or look elsewhere if the homes that are available are not priced well. The median sales price for condos last month was $339,000. 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 neigh...
Start your West Loop Gate home search here. West Loop GateHousing Type: CondoThe number of homes for sale is just about the same as last month, but what that doesn't show is how many are coming to the market and selling in just days. Of the homes that closed 70% sold in a month or less and 40% of those that are under contract have a market time of a month or less. When these homes close we will really see how long it took to find a buyer for them. The past two months have been very rainy, which can slow traffic a bit, but even at that buyers are finding there is a lot of competition to make an offer on the homes that come available. The median sales price for condos last month was $383,200. Price Range: $400,000-$800,000 Price Range: $800,000+ Start your West Loop Gate home search here....
Start your West Loop Gate home search here. West Loop GateHousing Type: CondoThere is a little less inventory than last month and much of it is selling very quickly. The home that closed was only on the market for 13 days. Another one that is under contract has a market time of 19 days. Not every home is selling so fast though. The average market time of the homes that are under contract is 70 days, although most of them have a market time of under 76 days. Compared with the other price ranges the $400-500k range has the most inventory, but also the most movement. Sellers will want to take care to present their home well in a listing so they can sell fast too. The median sales price for condos last month was $295,000. Price Range: $400,000-$800,000 Price Range: $800,000+Start your West ...
Start your West Loop Gate home search here. West Loop GateHousing Type: CondoWe've seen a slight increase in inventory over the past month, but with an average market time of only 16 days for the 3 homes that sold the month's supply of inventory has hardly budged. Last year Zillow named this the hottest neighborhood in Chicago and we can see, as 2017 is underway, that there are still many buyers ready to move in. Seller's have a great opportunity to go under contract quickly. They will need to price their home for the market and make it look good. Even with low inventory buyers have a good sense of the value of these homes and will want to feel good about their purchase. The median sales price for condos last month was $350,000. Price Range: $400,000-$800,000 Price Range: $800,000+ Star...
Start your West Loop Gate home search here. West Loop GateHousing Type: CondoOver the past month 4 condos have come to the market, but since 4 also went under contract we still have 5 condos available in the luxury market of this neighborhood. The home that is listed for $700-800k is in a market by itself. It's a 3b/2ba home that has been on the market for 25 days. The home is in a full-amenity condo building located across the street from Ogilvy train station. Over the past year homes in that building have had an average market time of 50 days. The median sales price last month was $277,450. Price Range: $400,000-$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 ...
Barb Van Stensel
Real Estate Agent
