Chicago Condo Directory

December 10, 2009 - If you’ve been holding tough, waiting for Chicago real estate prices to drop even lower, you may want to rethink your buying strategy. About 27% off all Chicago condos and homes showed at least one price reduction as of December first, that number was 15% less than it was last month. The data was released by Trulia and reported in a recent Tribune article.

Statistics showed that of the 27% of single-family homes in Chicago that did have a price cut, the reduction was around 10% off the original listed asking price. The article also stated that of the 26% of Chicago condos that had reduced prices, the average drop was about 7% from the original asking price. The national average is that 22% of all homes for sale have made at least one price cut of about 11% off the original list price. These are all regular homes and condos for sale and not auctions, foreclosures or REOs.

So what does that mean? Either sellers believe that the market will turn around sooner rather than later and they are going to wait it out, or they have gone as low as they are willing to go on Chicago condo prices for the time being. With so much inventory still on the market though, buyers are still in a pretty good position to shop around and negotiate. But you may have to work a little harder in the upcoming months to get the deal and price you want on Condos In Chicago.

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