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June condo sales in the West Loop declined from May. There was
a 37% decrease in the number of units sold but a slight increase
in the average list price of those units that sold. The West Loop's
housing stock is almost exclusively condominiums, and this month's
sales statistics incorporate condos that are designated "contingent"
on MLSNI. These units are usually tagged "A/I" indicating
the attorney approval and inspection contingency time periods, but
in most cases these sales do close and are considered "under
contract." We feel it would be inaccurate not to include these
units as "sold" in the specific monthly time periods.
Please note that we have also tried to differentiate resale condos
in the West Loop area in contrast to those that are new construction
sales.
Interest rates continue to spur the market, and as of today, July
10, 2003, the conforming 30 year fixed rate is at 5.375% and the
conforming 3/1 jumbo ARM is at 3.625%!! Please note that the conforming
loan levels have increased to $322,700.
The following statistics are taken from the Multiple Listing Service
of Northern Illinois.
property type number of units average list price
condominiums 139 $293,022
Sales Statistics for May 2003
property type number of units average list price
condominiums 87 $299,396
Sales Statistics for June 2003
property type units available average list price
total condominiums 944
$354,249
resale condominiums 499 $416,656
Current Active Inventory
ZIP Codes: 60606, 60607, 60661
Approximate Location Boundaries: Kinzie (400 north) to Harrison
(500 south); Canal (500 west) to Ashland (1600 west)
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