In case you haven’t noticed, condos in Chicago aren’t just selling, they’re selling quickly. As noted in an interesting piece from Crain’s, condos in the city sold in an average of 61 days in June, or at the quickest pace since January 2007, according to Midwest Real Estate Data.
And perhaps the best part about what we’re seeing right now is that everything seems to be going at a quicker rate, from luxury condos in Chicago to entry-level condos that are attracting first-time home buyers or even investors.
Chicago’s 61-day market time in June is also three times faster than the condo market’s slowest month on record, which no surprise, was back in February of 2011.
It’s important to note that because the 61-day market time covers the entire city, how quickly condos are selling in some of Chicago’s hottest neighborhoods right now like the West Loop, Ukrainian Village, and a number of north side neighborhoods like North Center, which saw an average market time of just 22 days in June.
And with the busy fall market still in front of us, things may only get crazier from here.
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