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June condo sales in the West Loop declined from May. There was a 37% decrease in the number of units sold but a slight increase in the average list price of those units that sold. The West Loop's housing stock is almost exclusively condominiums, and this month's sales statistics incorporate condos that are designated "contingent" on MLSNI. These units are usually tagged "A/I" indicating the attorney approval and inspection contingency time periods, but in most cases these sales do close and are considered "under contract." We feel it would be inaccurate not to include these units as "sold" in the specific monthly time periods. Please note that we have also tried to differentiate resale condos in the West Loop area in contrast to those that are new construction sales.

Interest rates continue to spur the market, and as of today, July 10, 2003, the conforming 30 year fixed rate is at 5.375% and the conforming 3/1 jumbo ARM is at 3.625%!! Please note that the conforming loan levels have increased to $322,700.

The following statistics are taken from the Multiple Listing Service of Northern Illinois.

property type number of units average list price

condominiums 139 $293,022

Sales Statistics for May 2003

property type number of units average list price

condominiums 87 $299,396

Sales Statistics for June 2003

property type units available average list price

total condominiums 944
resale condominiums 499 $416,656

Current Active Inventory

ZIP Codes: 60606, 60607, 60661

Approximate Location Boundaries: Kinzie (400 north) to Harrison (500 south); Canal (500 west) to Ashland (1600 west)

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