July 27, 2008 - The overall sales statistics for the Chicago Loop show a marked increase in activity and prices in recent months.  According to data for the second quarter from the MLS, sales were up by 18 percent and prices rose by an incredible 67 percent.

However, these stats hide some interesting trends in the neighborhood.  Sales of the largest units were up the most during the second quarter, helping prices soar.  Sales of condos with three or more bedrooms were up 92 percent from the same period last year, while the average sales price for these units rose by 89 percent.

When we look at the smallest units on the market in the Loop, the reality is quite different.  Just 6 studio units were sold during the second quarter, a 75 percent drop in sales from the same period last year.  However, prices were still up for these units, rising by 19 percent.  Low sales of studio units doesn’t mean there isn’t a number of choices for buyers.  There are currently 46 studio units listed on the market.  At the current pace of sales, the area has a market supply of 23 months for studio units, a staggering number when we consider that anything over a 6-month market supply is considered a buyer’s market.

We’ve worked to put together the most comprehensive and current list of Chicago Sales Stats available online.  Check out the latest numbers for neighborhoods around the city today.

Technorati Tags: Chicago Real Estate, Chicago Condos For Sale, Loop Condo Sales

This entry was posted on Sunday, July 27th, 2008 at 6:42 pm and is filed under Market Update(t) . You can skip to the end and leave a response. Pinging is currently not allowed.