Chicago Condo Directory

December 28, 2009 - According to the latest numbers released from the Illinois Association of Realtors, sales of single-family homes and condos in Chicago were up 69.9% in November this year compared to last year. For November 2009, there were 1,859 total home sales compared to 1,094 in November 2008. However, the median price of Chicago homes in November 2009 was down 3.4% to $215,000 compared to the median price of $222,500 in November 2008.

Most experts attribute the increase in sales to the first-time homebuyer tax credit as well as the availability of lower priced distressed properties, foreclosure sales and REOs. With the tax credit deadline now extended into the first half of 2010 it should continue to help Chicago real estate sales to rebound.

Taking a wider look, sales of single-family homes and Chicago condos from January ‘09 to November ‘09 were down 10.4% with a total of 17,633 units sold, according to the same report from the Illinois Association of Realtors. There were 19,681 single-family homes and condos sold in Chicago last year from January ‘08 through November ‘08. The median price year over year was also down 22.9% in that reporting period to $225,000 in comparison to $291,800 for 2008.

Chicago foreclosure sales also probably played a part in quite a few of the November ‘09 sales as well, and will most likely continue to do so into at least part of 2010.

Technorati Tags: Chicago Homes, Chicago Foreclosure, Chicago Real Estate

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.

Technorati Tags: Chicago Condo Prices, Condos In Chicago, Chicago Real Estate

November 23, 2009 - According to the latest report from the Illinois Association of Realtors, Chicago area home sales were up 33.3% in October of this year, compared to last year. There were 7,286 Chicago condos and single-family homes sold in October 2009 compared to 5,467 in October of 2008. For just in-town Chicago, there was a 28.5% increase in October 2009 compared to the same month last year, with 2,012 single-family homes and condos sold. In October of 2008, there were 1,566 units sold in-town Chicago.

However, even with the increase in sales of Chicago real estate, the median price of homes in the Chicago area fell again. For October 2009 the median price was $190,000, which is a 15.6% drop from the median price in October 2008. For in-town Chicago, the median home price in October 2009 was $215,000, which is 18% lower than it was in October of 2008. This is said to be due to the high number of short sales and distressed properties that are being bought by buyers.

The extension of the $8,000 first-time homebuyer tax credit to qualified buyers who close by June 30, 2010 should help to keep the number of sales increasing. But according to a recent Crain’s article, even though FHA has decided to push back some of the new rules for condo mortgages it backs, it is still more difficult to get a loan for a condo than a single-family home. The article also pointed out that mortgage interest rates for a 30-year fixed loan ticked up to 5% in October 2009.

We’ll have to wait and see what the first quarter of next year brings for Chicago home sales. Even if the pace of sales continues to gradually increase, it will probably still be some time before we see the price of Condos In Chicago increase significantly.

Technorati Tags: Chicago Home Sales, Condos In Chicago, Chicago Real Estate