Ready to pounce on the Chicago West Loop Real Estate Market?
For condominiums, co-ops, or town-homes that are located in buildings with eight or more units in the Chicago West Loop, Q3 2018 vs Q2 2018 market statistics show that although less properties were sold in Q3 2018, median and average home prices were up, and buyer demand remained solid. Nevertheless, listing market times trended up. The hottest district in Q3 2018 was the Central Loft District, which had increases in overall sales volume and median and average sales prices, with median listing market times decreasing (in Q2 2018 the hottest district was the Fulton Market District). The statistics below first explore the market numbers for the Chicago West Loop as a whole, and then we break-down the numbers across five districts within the West Loop.
NOTE: Property statistics revised and updated on 20th November 2018.
Q3 2018 to Q2 2018 Chicago West Loop Real Estate Market Comparisons
Property Types: Condos, Co-Ops, and/or Town-Homes located in buildings with 8+ units
Here is a map showing how we define the Chicago West Loop real estate market:
Sales:
- Properties Sold: 255 (-9.9%)
- Sales Volume: $156,958,768 (+9.4%)
Sold Prices:
- Median: $539,436 (+15.3%)
- Average: $615,525 (+21.5%)
- Highest: $2,340,000 (+61.4%)
- Lowest: $192,000 (-5.0%)
Listing Market Times:
- Median: 11 days (+20.4%)
- Average: 24 days (+11.7%)
- Longest: 366 days (+24.9%)
- Shortest: 1 day (0.0%)
SP:LP:
- Median: 100.3% (+0.1%)
- Average: 100.7% (+0.1%)
- Highest: 114% (-2.6%)
- Lowest: 83% (-2.4%)
Median and average sales prices increased. Furthermore, despite overall sales but sales volume increasing, we’re seeing Sales Price vs List Price (SP:LP) ratios remain nearly the same at over 100%. This means that in Q3 2018, sellers still received active interest for their properties. Moreover, we’re seeing median and average listing market times under 25 days, which adds further evidence that the Chicago West Loop for Q3 2018 was still a sellers market.
Months Supply of Homes
Looking at the Months Supply of Homes chart above ending October 2018, compared to 2017, we saw an increase in months supply. However, since the months supply is under six months, through October 2018, it still generally considered a sellers market. Please click here for Q2 2018 Chicago West Loop real estate market statistics.
District Level Comparisons for the Chicago West Loop Real Estate Market
We’ve broken down this market into 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. Generally, we’re seeing price stabilization across each district (as evidenced by many districts reaching near parity in median and average sales prices). Nevertheless, except for the Central Loft District, each district had a decrease in sales volume. This could be due to traditional seasonality dips that generally happen within the Chicago real estate market, or due to some buyers backing off the market a bit. Regardless, three of the five districts detailed below showed SP:LP ratios hovering around 100%, which means relatively robust buyer interest in those districts. Finally, the gap between median and average listing market times across all districts is narrowing, which means that through Q3 2018 this market seems to be beginning to stabilize.
(1) Q3 2018 vs Q2 2018 Chicago West Loop Fulton River District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 43 (-18.9%)
- Sales Volume: $21,677,288 (-18.5%)
Sold Prices:
- Median: $470,000 (+12.7%)
- Average: $504,123 (+0.5%)
- Highest: $1,250,000 (-13.8%)
- Lowest: $250,000 (-2.0%)
Listing Market Times:
- Median: 19 days (+111.1%)
- Average: 26 days (+8.6%)
- Longest: 102 days (-57.7%)
- Shortest: 1 day (+0.0%)
SP:LP:
- Median: 100% (+0.0%)
- Average: 100.1% (-0.8%)
- Highest: 113% (+1.8%)
- Lowest: 83% (-2.4%)
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) Q3 2018 vs Q2 2018 Chicago West Loop Fulton Market District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 11 (-64.5%)
- Sales Volume: $5,884,000 (-75.1%)
Sold Prices:
- Median: $500,000 (-46.1%)
- Average: $534,909 (-30.0%)
- Highest: $1,025,000 (-17.7%)
- Lowest: $256,000 (-8.6%)
Listing Market Times:
- Median: 19 days (+135.7%)
- Average: 26 days (+46.6%)
- Longest: 98 days (+38.0%)
- Shortest: 3 days (+200.0%)
SP:LP:
- Median : 99% (-5.7%)
- Average: 99.1% (-4.3%)
- Highest: 105% (-10.3%)
- Lowest: 94% (0.0%)
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) Q3 2018 vs Q2 2018 Chicago West Loop Central Loft District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 127 (+30.9%)
- Sales Volume: $96,933,642 (+81.5%)
Sold Prices:
- Median: $680,000 (+40.8%)
- Average: $763,257 (+38.6%)
- Highest: $1,645,000 (+16.7%)
- Lowest: $192,000 (-31.8%)
Listing Market Times:
- Median: 4 days (-42.9%)
- Average: 23 days (+42.0%)
- Longest: 366 days (+134.6%)
- Shortest: 1 day (0.0%)
SP:LP:
- Median : 101% (+1.0%)
- Average: 101.4% (+0.6%)
- Highest: 114% (+0.9%)
- Lowest: 91% (+1.1%)
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) Q3 2018 vs Q2 2018 Chicago West Loop Union Station District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 33 (-35.3%)
- Sales Volume: $12,086,938 (-29.1%)
Sold Prices:
- Median: $349,888 (+14.5%)
- Average: $366,271 (+9.5%)
- Highest: $585,000 (+11.4%)
- Lowest: $202,000 (+0.0%)
Listing Market Times:
- Median: 15 days (+36.4%)
- Average: 25 days (+0.5%)
- Longest: 114 days (-26.5%)
- Shortest: 1 day (0.0%)
SP:LP:
- Median : 100% (0.0%)
- Average: 101.3% (+1.0%)
- Highest: 111% (-2.6%)
- Lowest: 93% (+2.2%)
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) Q3 2018 vs Q2 2018 Chicago West Loop Skinner Park District
NOTE: Property statistics revised and updated on 20th November 2018.
Sales:
- Properties Sold: 41 (-19.6%)
- Sales Volume: $20,376,900 (-10.2%)
Sold Prices:
- Median: $340,000 (-9.3%)
- Average: $469,998 (+11.6%)
- Highest: $2,340,00 (+118.2%)
- Lowest: $200,000 (-7.0%)
Listing Market Times:
- Median: 16 days (+60.0%)
- Average: 23 days (-15.6%)
- Longest: 90 days (-69.3%)
- Shortest: 1 day (0.0%)
SP:LP:
- Median : 99% (+1.0%)
- Average: 99.3% (+0.6%)
- Highest: 108% (+0.9%)
- Lowest: 93% (+4.5%)
Months Supply of Homes
Although Months Supply of Homes ending October 2018 has increased since 2017, the Chicago West Loop real estate market is still under six months supply. This means that each district detailed above, through Q3 2018, was still a sellers market.
In summary, the Chicago West Loop real estate market, through Q3 2018, cooled off a bit. But this real estate market is still coveted by buyers.
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.