Eric Rojas, Chicago Real Estate Broker

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Tuesday, May 26, 2020

Breaking down South Loop attached condo / town house sales (unit sales down about 20%)


South Loop attached units sales (condos, town homes) January 1st to May 19th.

South Loop attached unit sales and median price has dipped year to year. Unit sales are down about 20% and median price down about $15,000. These are pretty steady numbers considering the pause when the pandemic was declared. 

198 condos and attached town homes have sold so far this year. The median price of a closed unit is about $370,000.  Median price for one bedroom units is about $265,000, two beds about $400,000, three beds jumps to about $682,000 and four beds or more about $800K.

246 units sold over the same period in 2019 with a median price of about $385,000.

April and May Closings
49 units closed in April this year while 68 units closed in 2019.  23 units closed from May 1st to May 19th this year while 47 units sold over the same period in 2019. 


I've been reading many indicators that this may be the bottom of the coronavirus affected sales. Our MREDLLC.com / Chicago Association of Realtor stats indicate that Chicago purchase contracts have been up for four straight weeks.
We see from the graph the solid lines (contracts) trending up and catching up to same period last year.




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