chicago-condos & Chicago Real Estate & condos for sale in chicago pcherry on 27 Jan 2011 11:29 am

2010 Worst Year For Chicago Condo Sales Since 2000

January 27, 2011 - The year 2010 will go down in Chicago real estate history, but not in the way most developers or anyone who was trying to sell a home would care to remember. According to the latest Illinois Association of Realtors report as detailed in the Tribune, sales of existing Chicago area single-family homes and Chicago condos droped 0.5% from 2009 levels. There were 69,010 units sold, which is the lowest amount since the IAR started recording data in 2000.

If we look at just December 2010 sales for Chicago area homes, the free-fall is even steeper. There were 5,204 homes sold in the Chicago area last month and that is a 9.9% decrease from December of 2009 when 5,779 units were sold. The median price of Chicago homes sold in the area during December 2010 was $167,850, which is down from the median price of $182,000 for December 2009.

For Chicago condos that sold within city limits, the drop wasn’t as bad. Chicago condo sales for 2010 were down 2.5% with a total yearly volume of 11,051 condos. The median price for 2010 was $267,900, which is a 4.3% drop from the median price of 2009.

We’ll have to wait and see if buyers make 2011 another slow year for Chicago homes for sale.

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