April 23, 2009 - The numbers for March 2009 Chicago area home sales are in and they are sobering, as expected. The Illinois Association of Realtors reports that Chicago area home sales dropped 26% in March, while sales actually in the city Chicago fell a whopping 42%. This includes single-family homes and condominiums, as well as new and existing homes and condos, according to an article in Crain’s. This probably isn’t unexpected news for anyone who follows Chicago real estate trends lately.
For March 2009, a total of 4,260 condos and single-family homes sold in the region. That number is down from 5,759 sales for march of 2008. For the city of Chicago alone, March 2009 logged a total of 1,181 condo and home sales, while last year, March 2008, there were 2,044 home and condo sales.
The median Chicago area sales price also took a dive, dropping to $194,000 in March 2009. That figure is down 21.8% from last year’s March 2008 median area price of $248,000. In the city of Chicago, the median price dropped to $220,000 for March 2009 and that is a 26.9% fall from the March 2008 median city price of $300,980.
The area covered by this report is the nine county Chicago region that includes, Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.
Buyers are still benefiting from a glut of Chicago Illinois Condominiums for Sale right now, so if you are interested in making a purchase and can get financing, the time may be right for you.