Chicago Condo Directory

February 25, 2009 - The latest numbers crunched by the Illinois Association of Realtors once again isn’t good news for Chicago home owners. According to the IAR, the median price of already built Chicago condos and single-family homes that were sold in January of this year fell 28.9% from January of last year. According to a Sun Times report, that puts the state of Illinois ahead of the national drop of 8.6%.

The median price of Chicago metropolitan area homes fell to an average of $185,000 and there was a 24.5% drop in sales numbers, with 2,965 Chicago homes sold. Overall in the state of Illinois, median prices fell 19.6% with an average price of $149,900 and a 23.9% drop in sales with 4,599 units sold.

The national average drop as mentioned above was 8.6% with 4.5 million condos and single family homes sold in January of this year, compared to January of last year. The median price fell 14.8% to settle at $170,300.

One has to keep in mind though that according to the National Association of Realtors, about 45% of existing home sales are made up of short sales or foreclosure sales. This would mean that nearly half of all existing condo and single-family homes are sold for less than their original asking price and that would create a large gap in existing sales and sales of new construction homes. And that can sometimes be deceiving when comparing numbers.

Many Chicago real estate experts predict that 2009 will still be a time of falling home prices, with a recovery beginning in 2010. For anyone interested in purchasing a New Construction Chicago Condo, the $8,000 first time home buyer tax credit in the new stimulus bill will come in handy.

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