chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 23 Nov 2010 04:13 pm

October Chicago Home Sales Down 36%-39%

November 23, 2010 - October 2010 sales of Chicago condos and homes took another dive, according to the latest report from the Illinois Association of Realtors. Chicago area sales dropped 35.9% in October 2010 as compared to sales in October 2009. A recent Crain’s article that detailed the IAR report stated that there were 7,286 Chicago area condos and single-family homes sold in October 2009 as compared to only 4,672 in October 2010.

The numbers weren’t any better for in-town Chicago. Last October there were 2,012 units sold in town as compared to only 1,217 this October. That translates to a 39.5% drop in sales year-over-year. This includes both new construction Chicago real estate developments and already existing Chicago homes.

For the entire year though, sales of condos and single-family homes both in-town Chicago and in the 9 county Chicago area are up 4.6% from last year.

The October 2010 median price for the Chicago area dropped 6% to $177,000 and is down about 6.1% year-over-year.

For in-town Chicago, the October 2010 median home price fell 4% to $183,000 as compared to the median price in October of 2009.

Sales and prices of Chicago homes will probably continue to decline for at least one more year, according to most real estate experts. But while the lower prices aren’t good news for sellers and developers, they are for anyone planning on making a new home purchase.

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