Chicago Condo Directory

March 23, 2009 - The latest numbers for February were released by the Illinois Association Realtors and sales for Chicago area homes dropped nearly 29% last month. February sales of homes within the city of Chicago dropped a hefty 40.4% as well. Only 841 residential units were sold, compared to 1,412 sold in February of 2008. According to Crain’s, the median price for Chicago condos and single-family homes fell 24.7% to an average of $218,250 this February, lower than the average $290,000 of February 2008 last year.

Nationally, sales of existing homes posted a gain of 5.1% from January 2009 to February 2009. That was the biggest increase in national home sales since July 2003. However, the national median home price fell dramatically to $165,400. That is a 15.5% drop from the national average of $195,800 from the same period last year and the second biggest drop in home prices ever recorded.

The main factors for the increase in existing sales is the high volume of foreclosures that usually have slashed price tags. The new $8,000 tax credit for first time home buyers could give the Chicago real estate market shot of energy, along with low interest rates on mortgages. But with some experts estimating that there is at least a 2 year supply of condos already on the market or about to come online, developers will probably continue to focus on selling out New Chicago Condos that are already completed rather than launch new projects.

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