Chicago Condo Directory

November 20, 2008 - Stats from the most recent third quarter show a 22.1% drop in home sales in Chicago and the surrounding area from the same period in 2007, according to data gathered by the Illinois Association of Realtors. This number included sales of both Chicago condos and single-family homes. Interestingly though, sales were worse for the second quarter of this year, with numbers down 28.9% from the same quarter of last year 2007. The sales number for in town Chicago is down 23.3% for the third quarter, compared to last year. That translates to about 5,958 units for Q3 2008 as compared to 7,769 units for Q3 2007, according to Crain’s.

Appraisal Research Counselors found that the total sales for townhomes and condo units in Chicago were down a stunning 82% from this same time last year. Buyers signed on for fewer than 1,000 townhomes and condos in 2008, and only 160 units in the third quarter alone. ACR crowned this year the worst sales year since they started compliling data in 1997.

ARC also noted that normally around 10% of pre-sold units in a typical downtown Chicago real estate development never make it to closing, but the current market conditions have increased that number of cancellations closer to 15% per development. As of right now, developers are planning on adding about 4,719 new units in 2009 and only 408 units for 2010.

With the combination of excess inventory, the credit crisis and market slump, it may take another year or two before the Chicago Real Estate completely rebounds.

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