chicago-condos & Chicago Real Estate pcherry on 27 Sep 2009 09:22 am

August Chicago Condos Sales Down 19.1%

September 27, 2009 - According to the latest report issued by the Illinois Association of Realtors, August sales of Chicago area single-family homes are up about 22.6% from the same reporting period last year. Chicago condo sales are unfortunately down 19.1%. The sales numbers weren’t the only thing to drop either, as prices of condos and town homes fell 15.3% as well to an average of $271,000. That wasn’t as steep of a decline as prices of single-family homes though, which dropped 30% to an average of $154,000, according to an article in the Tribune.

The increase in single-family home sales along with the dramatic price decline is being credited to the high number of bank-owned foreclosures and short sales. Chicago Association of Realtors president David Hanna was quoted in the article as saying that, “Condo sales, until the beginning of this year, were the best part of our market. There aren’t any buyers for this stuff because the lending process is tortuous.”

Stiffer rules regarding mortgages on Chicago real estate and condos in particular have made it harder for buyers to get a loan for that type of housing. Additional fees have also been added by Fannie Mae and Freddie Mac, compounding the financing problem.

Some experts though believe that those numbers will go up soon, mostly because of the push from first-time buyers to get qualified for the $8,000 tax credit before the December 1st deadline. Since it can take as long as a month or two to close on a Chicago condo, those sales won’t be reflected until the next report or even later.

If you are a first-time buyer and haven’t gotten busy yet, you need to try and speed up your search for Condos In Chicago if you want to cash in on the tax credit before it’s too late.

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