Peek on Chicago Loop Market

[John Li]

Chicago Loop Attached Property (Condo and Townhouse) Sales 1/1/2017~4/30/2017

Chicago Loop Attached Property (Condo and Townhouse) Sales 1/1/2018~4/30/2018

Chicago Loop Attached Property (Condo and Townhouse) Sales 1/1/2019~4/30/2019

Chicago Loop Attached Property (Condo and Townhouse) Sales 1/1/2020~4/30/2020

A few observations:

1. Sales significantly decreased this year (125 v.s. 200+), very likely due to the outbreak of COVID-19 pandemic.

2. Average market time is only slightly longer this year than that in previous years, likely due to more reduction of supply than reduction of demand.

3. Average and median prices in 2020 are similar to those in 2019, while lower than those in 2018 and 2017. Pricewise there is no significant change in the loop market by a comparison of the first four months sales between 2019 and 2020.

4. The loop market is characterized by the following features: a) high-rise full amenity condo dominated; b) young professionals/students dominated; c) very active and strong rental market; e) fast turnover rate.

5. Personal perspective: The market may get slow a bit but is unlikely to be adjusted significantly. The pandemic will affect the demand due to financial difficulties that every business is facing, but seems it may affect the supply side more (people may postpone to sell with a perception of a very slow market ahead) and this can somehow balance the overall impact of the pandemic to the sold prices. The impact of pandemic to real estate market is expected to be short-term, and the the market will resume its growth as soon as the situation is under control.