There is just about one month left in the federal home buyer tax credit program — $ 6500 – $ 8000 in tax savings if you buy by April 30 and close by June 30.
How is the home buyer tax credit program affecting condo sales in Chicago? In a nutshell —
- Sales are better than last year but still not as good as 2005-2008
- There is a 22 month supply of condos, based on the February figure of 276 units closed
- There are currently 875 units under contract, or pending sale
The following chart shows the number condos that have sold and closed on the north side — from the Gold Coast to Edgewater, including Lincoln Park, Lakeview, Lincoln Square, North Center, and Uptown — for 2005 to 2010.
It is still a buyers’ market. For more information about the Federal Tax Savings Program for buyers, select this link.