The bidding war is on for Chicago West Loop real estate. Across the entire West Loop, for the most popular properties, we’re seeing, on average, listing market times of six days and sales prices 104% of listing price.** This rapid list-to-sell pace and high sales price vs listing price ratio (SP:LP) means sellers could, in some instances, entertain multiple offers for their property. This also means buyers should mentally prepare for a multi-offer environment for certain properties.
To give you more insights, below we detail relevant market statistics pertaining to the following five districts: West Loop Fulton River District, West Loop Fulton Market District, West Loop Central Loft District, West Loop Union Station District, and West Loop Skinner Park District. The following statistics focus on Q2 2018 for buildings with eight or more units (the types of buildings we specialize in at Lux Home Chicago), filtered for properties that received full listing price or more (i.e., sales prices at 100% or more of listing price), and filtered for properties that had market times of 20 days or less.
(1) Chicago West Loop Fulton River District Hot Property Statistics April 1, 2018 – June 30, 2018
- Listing Market Time: 9 days median / 6 days average (1 day was the shortest 19 days was the longest)
- SP:LP: 100% median / 104% average (111% was the highest SP:LP)
- Sold Price: $417,000 median / $456,027 average
- Properties Sold: 23
The map below shows the market boundaries we use to designate the Chicago West Loop Fulton River District real estate market and properties for sale.
(2) Chicago West Loop Fulton Market District Hot Property Statistics April 1, 2018 – June 30, 2018
- Listing Market Time: 8 days median / 3 days average (1 day was the shortest and 14 days was the longest)
- SP:LP: 105% median / 108% average (117% was the highest SP:LP) (revised 2018 Sept 19)
- Sold Price: $927,000 median / $928,414 average (revised 2018 Sept 19)
- Properties Sold: 15 (revised 2018 Sept 19)
The map below shows the market boundaries we use to designate the Chicago West Loop Fulton Market District real estate market and properties for sale.
(3) Chicago West Loop Central Loft District Hot Property Statistics April 1, 2018 – June 30, 2018
- Listing Market Time: 7 days median / 6 days average (1 day was the shortest and 19 days was the longest)
- SP:LP: 100% median / 103% average (113% was the highest SP:LP)
- Sold Price: $483,000 median / $518,261 average (revised 2018 Sept 19)
- Properties sold: 52 (revised 2018 Sept 19)
The map below shows the market boundaries we use to designate the Chicago West Loop Central Loft District real estate market and properties for sale.
(4) Chicago West Loop Union Station District Hot Property Statistics April 1, 2018 – June 30, 2018
- Listing Market Time: 11 days median / 8 days average (2 days was the shortest and 14 days was the longest)
- SP:LP: 100% median / 104% average (114% was the highest SP:LP)
- Sold Price: $305,500 median / $356,785 average
- Properties Sold: 20
The map below shows the market boundaries we use to designate the Chicago West Loop Union Station District real estate market and properties for sale.
(5) Chicago West Loop Skinner Park District Hot Property Statistics April 1, 2018 – June 30, 2018
- Listing Market Time: 10 days median / 6 days average (2 days was the shortest and 13 days was the longest)
- SP:LP: 98% median / 102% average (107% was the highest SP:LP)
- Sold Price: $375,000 median / $506,700 average
- Properties Sold: 15
The map below shows the market boundaries we use to designate the Chicago West Loop Skinner Park District real estate market and properties and sale.
So if you’re a buyer looking in the Chicago West Loop, make sure you’re watching the market daily by signing up for a Lux Home Chicago e-Alert. Having these daily alerts allows you to become familiar with what your budgeted dollars can get, so when the right property hits the market you can move quickly with confidence. Additionally, working closely with Anne Ewasko of Lux Home Chicago gives her the opportunity to further refine property searches on your behalf with the MRED MLS system, while being able to book showing appointments for you (in this hot market environment a property listed in the morning is sometimes under contract by the afternoon).
What should you do if you’re in a bidding war with other buyers? First, before you even get into one, make sure your finances are in order. You should already have your mortgage pre-approval in-hand or have your lender on-call for a quick turn-around. If you’re not financing it and hence paying cash, make sure you have proof of funds. Second, determine your “walk-away” price vs your “love factor” for the property. Your “walk-away” price is the highest price you’re willing to offer and the number that you’d be comfortable with losing the property. Your “love factor” is based not so much on market value but how much you need this property or whether this property is an absolute best fit for you. Third, be available. Sometimes you may have very short window of time to get in, and this may involve changing your personal schedule around in order to do so. Lastly, be ready to pull the trigger if it’s the right property for you.
If you’re a seller and have received multiple offers, here are some tips too. Honor and accept best and final offers, be fair, and respect the deadlines that you’ve imposed. Additionally, remain cognizant of other factors that impact your decision: Although cash is king, it’s not always the highest price offered that drives your decision, but timing, a more convenient closing date, stronger financials, less risk regarding mortgage contingencies are all factors for you to consider.
** Market statistics and information compiled by Anne Ewasko and Eric Bryn of Lux Home Chicago. This compilation of market statistics and information is deemed reliable but is not guaranteed accurate by the MRED MLS, Lux Home Chicago, or Baird & Warner.