This is a bit of a macro view of the Chicago Real Estate Market, but I think it’s an interesting comparison to the chicago real estate, Illinois, and the nation.
Chicago Real Estate Market?
Basically, from the South Loop/Near South Side to Devon, including areas just west of the Kennedy Expy, Forest Glen, and Irving Park.
Chicago Real Estate Market Trends
2008 to Today
The following market trend charts are for both single family and “attached” properties (condos, townhomes, co-ops).
Median Sales Price
Here is an interactive chart of what Chicago Real Estate median sales prices have done since 2008…
Number of days on the market, from listing to contract…
How many months worth of housing stock is available at any point in time? Lenders use 6 months as the benchmark for a “stable market”. Under 6 months of inventory is considered a “sellers” market.
% Sales Price to LAST List Price
This may or may not be the ORIGINAL list price. Once the property reaches the RIGHT list price, it’s currently selling for 97.8% of that last price.
Since April, 2013, over 10,000 homes have been sold in the marketplace. This is a very strong number!
For information on your neighborhood, or to get a quick pinpoint market analysis,
contact Anne today!
Baird & Warner
Note from Ald. Michele Smith
— I wholeheartedly agree, and ask that you take a moment to tell Governor Quinn that you’re opposed to this bill.
Oppose Senate Bill 2664
Legislation under review by Governor Quinn will prohibit condominium associations from including special assessments, chargebacks, and limit a condominium association’s ability to collect late fees, attorney’s fees or court costs, from third-party purchasers following a foreclosure. The total amount that can be collected may never exceed 9 months of regular assessments. The end results in most cases would have associations receiving less repayment than under the current statutory scheme. Less repayment means more fees for unit owners.
The bill passed the House and Senate and now awaits the signature of Governor Quinn. I’ve spoken with the Governor to voice my objection to this legislation, and I encourage you to do the same. For those buildings with units in foreclosure, this bill will bring about higher costs to the remaining unit owners, which I cannot support.
Click here to send an email to Governor Quinn to voice your objection to Senate Bill 2664