Downtown / LoopNews & trends

Trend lines: South Loop condos listed for sale and for rent

by Joseph Askins on 4/30/10

Here’s a little something I put together following last week’s write-up on the drop in condo rental inventory in the downtown market. The South Loop / 60605 ZIP code saw condo rental listings fall by 27 percent from January 1 to mid-April. According to Redfin‘s weekly reports, condos listed for sale in 60605 rose by more than 20 percent over the same period. Is there a correlation? I don’t know, but who doesn’t like a good line graph every now and then?

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{ 1 comment… read it below or add one }

Richard May 2, 2010 at 11:50 AM

Indeed, who doesn’t like a line graph?

Overall, it backs up my intuition that the South Loop is saturated, with the rental market providing income until prices increase. Of course, it’s also possible that prices won’t increase, if you think that real estate in toto was oversold.

On the other hand, if these are raw numbers, I might question some of them. For example, the weekend after Superbowl Sunday is the traditional time to kick off real estate sales. So it’s not unusual to begin pricing and listing units at the beginning of January. By April 15, is the decline possibly due to sales and units pulled from the market? As summer progresses, one would expect a decline in listings as the summer progresses anyway.

In a similar vein, is the increasing units for rent actually due to a softening rental market–as more units are listed for rent, the inventory increases.

I’d be interested in knowing the ages of the buyers–a breakout of condo purchases and renters by age groups. We could see then the extent to which the demographic of the area is changing, and how it differs or is similar to other parts of the city.

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