As many people are already aware, the West Loop/ West Town markets have been in high demand with both new construction and resales. New condos, townhouses, and loft properties are under construction even today and the construction is expected to continue over the next few years.
Several well named businesses and tech companies like Google have made West Loop their new Chicago headquarters. Infrastructure improvements continue in the area with easy access to downtown via the Green and Pink EL Lines and several bus routes, along with it’s proximity to commuter rail lines centralized via Union Station and Ogiville Station. Several freeway systems intersect nearby. It’s also a very good area for those who want to walk or bike to work.
In addition, restaurant and entertainment options are plenty in these areas and it’s a growing area for young chefs and entrepreneurs in this area with a wide variety of tasty
food options and pubs. All this results in high desirability for home buyers and renters alike.
Newly Opened Nando’s Peri-Peri
Homeowners who wish to sale their property in the area at this time should see a decent amount of interest and traffic should they list at the correct prices. A professional real estate broker with years of experience in the market will be able to best help you determine that right price range to list your property. Currently, there is a smaller inventory available on the market than demand.
Would you like to know about about what your property is worth or how to best search for a property that will meet your needs? Contact Me
January 2015 Newsletter Housing Trends eNewsletter
Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
Some great news for the economy and housing was published today regarding the local Chicago surrounding suburbs of Chicago that the local MLS MREDLLC.com services and maintains the data. What this suggest is that for seller’s who previously were not able to sell due to low prices, it might be time to re-consider. With the low interest rates expected to sustain in the short term (next 6 to 18 months) by the Fed., it is likely that the trend of multiple buyer offer for sales is also likely to sustain in popular neighborhoods. Keep in mind that this latest update does not necessarily apply directly to your specific property and / or local neighborhood. It is best in those situations to contact a real estate broker (like me) who is familiar with the properties that is more specific to your situation.
Source: MREDLLC.com September 29, 2014
“Most local markets continue to recover from a soft patch earlier this year. The macro trend is still positive; the micro trend involves more moderate pinching up and down the month-to-month timeline. This is not uncommon in a balanced market, but it’s been so long since we’ve seen one that we’re watching it with perhaps too much trepidation. Metrics to watch include inventory and prices, but also days on market, months’ supply and percent of list price received at sale. Declines in pending and closed sales activity may reflect strong decreases at lower price points and may not indicate softening demand.
New Listings in Chicagoland were up 4.6 percent for detached homes and 1.1 percent for attached properties. Listings Under Contract increased 4.6 percent for detached homes and 3.1 percent for attached properties.
The Median Sales Price was up 8.1 percent to $219,900 for detached homes and 9.3 percent to $177,000 for attached properties. Months Supply of Inventory increased 4.4 percent for detached units but was down 4.4 percent for attached units.
Sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale appear to have unleashed at least some pent-up demand. Since housing demand relies heavily on an economy churning out good jobs, it’s encouraging to see second quarter GDP growth revised upwards to a 4.2 percent annualized rate and stronger-than-expected job growth in recent months. Further improvements are still needed by way of wage growth and consumer confidence but recovery continues.”