chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 26 Oct 2010 10:07 pm

September Chicago Condo Sales Down 28.6%

October 26, 2010 - It probably comes as no surprise to anyome who follows Chicago real estate that September sales of existing Chicago condos and single-family homes experienced a double digit drop. According to a Tribune article that detailed the latest report from the Illinois Association of Realtors, sales of both Chicago area homes and condos plus in-town residences dropped significantly in September of this year. The median price also took a hit, dropping double digits as well.

Interestingly, total sales of in-town Chicago condos and single-family homes for the first nine months of 2010 were up 11.1% compared 2009 sales during the same period. Sales of Chicago area condos and Chicago homes were also up 10.5% for the first nine months of 2010 as compared to sales numbers from the same nine months of 2009.

September 2010 sales of Chicago area homes fell 22.4% as compared to September 2009 sales. There were 5,327 Chicago area condos and single-family homes sold this past September. The September 2010 median price of Chicago area condos and single-family homes also fell to $175,000 which was a 12.1% drop from the same month last year (2009).

In-town Chicago September 2010 sales of condos and single-family homes added up to 1,403 units, which was a 26.9% decline from September of last year (2009). The median September price of in-town Chicago condos and single-family homes dropped 20% from the same month last year coming in at $180,000.

To break things down a little further, the article went on to state that September 2010 in-town Chicago condo sales had a 28.6% free-fall as compared to the same month last year. September 2010 sales of single-family homes in-town Chicago fell 24.3% as compared to September 2009. The September 2010 median price of in-town Chicago condos dropped 11.5% to $240,000. The September 2010 median price for in-town single-family homes fell 10% to $135,000.

As long as there continues to be an overstock of Chicago condos for sale as well as no significant improvement in the unemployment rate, we can probably expect to see sale numbers and median prices decline for the rest of the year.

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