Strong first quarter for the Loop
Sales of condos in the Loop continued to exceed expectations during the first quarter. The neighborhood saw the most sales ever for the quarter in 2008.
According to data from the Chicago Association of Realtors, a total of 304 condos and lofts were sold around the Loop during the first quarter, up nearly 90 percent from the same period last year. It was the largest increase of any major market in the Chicago region.
Condo owners and developers didn’t have to wait long to find a buyer in the neighborhood. The average turnover time for units sold during the first quarter was just 60 days, making the Loop one of the quickest markets in the city.
Prices for condos in the neighborhood were up on strong demand and a lean inventory. The average sales price climbed by an astonishing 30 percent from the same period last year, and should continue to rise as more new luxury developments come on the Chicago Real Estate market around downtown. Browse through the best new condominiums and lofts in the most popular neighborhoods around the city and find the perfect home for you and your family today.
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