⟩ Rental construction is booming downtown. Small neighborhood condo projects are back in action. And sales in existing buildings seem to be doing better than a year ago. What do the numbers say about these trends' staying power, and when is the industry expecting to see large scale condo construction again?
We just completed a comprehensive study on condo-sales activity in downtown Chicago, and our outlook for the for-sale market is very positive. Last year the number of home sales citywide was up about 20% from 2011, but sales of condos in the core downtown neighborhoods jumped by more than one-third. We saw solid gains on a price-per-square-foot basis in Streeterville, River North, the Loop, the West Loop and even the South Loop. I think we'd be looking at even better numbers if we had the inventory, but in the West Loop for example, in the month of February, there was only a 45-day supply. Two years ago there was 16.5 months. On top of that, we're seeing really exciting things happening downtown with major employers setting up shop and strong retail investment in the neighborhoods.
