Chicago real estate, particularly condo sales, have been hit by the recession. At one point, the glut of condos on the market exceeded 2 years worth of inventory. Condo sales lagged, priced dropped, and it was a buyers’ market all around.
In June, however, condo sales were great! On Chicago’s north side*, 825 units closed. This is a jump of 30% over May 2010 and 139% increase over June 2009. YES – June condo sales were more than twice the June transactions of 2009!!
Currently, there are 6167 condos for sale. With an average of 825 sales per month, we are looking at a 7.5 month supply of condos for sale — WAY BELOW the 2 year inventory of last year.
The median price of the 825 condos sold was $ 322,000. While it’s below the high water mark of 2008 ($ 350,000) it’s below 2005 prices ($ 317,500).
Real estate is about location and product. If it’s a sought-after neighborhood and a product buyers like (floor plan/amenities/condition) at a fair price, then it will sell.
So what am I predicting for the future?
I can’t say condo sales will remain this strong. The buyers’ tax incentive certainly played a role in making sales happen. Interest rates are so attractive today, however, that if you’re looking to buy for the first time or change homes — now is certainly a good time to investigate the possibilities.
Call Anne Rossley today to learn more about how you buy Chicago Real Estate.* neighborhoods included in the data:
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