Need further evidence that the Chicago market is cooling overall? The volume of condo and townhome sales in the South Loop is down about 11 percent from the same period in 2004.
Between January 1 and August 20, 2006, some 1,121 new and re-sale type 2 (condo and townhome) units were sold in the neighborhood, compared to the same period in 2004, when 1,261 were sold. The figures were compiled by Rubloff Residential Properties from the Multiple Listing Service of Northern Illinois. Another possible explanation for the drop in sales is that fewer new units came online in 2006.
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