February 7, 2008

Condo sales drop in the Loop

Category: Luxury Condos. Posted by Mike at 5:10 pm.

Sales of condos dropped during the fourth quarter in the Loop. However, the decline in sales came on the heels of the strongest quarter in recent memory in the neighborhood.

According to data from the Chicago Association of Realtors, a total of 276 condos were sold in the Loop during the fourth quarter. This is a 49 percent decline in sales from the fourth quarter 2006. However, it is the second highest total for the quarter in more than 16 years.

The market continued to lead the Chicago region in growth, and is one of the strongest markets in the city. If you’re selling your condo in the Loop, it will now take you an average of 57 days to find a buyer, up from just 29 days a year ago. However, this is still well below the average for all of Chicago.

Prices soared during the fourth quarter as many new luxury developments came to the market. The average sales price jumped by 125 percent from the same period last year, and could continue to rise as more new developments are sold in the area.

If you’re looking for great Chicago Condos For Sale, don’t miss out on the incredible developments currently offered around the Loop.

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