Only 381 condos closed on Chicago’s north side during the first two months of 2009.  This 190.5 average is 32% of the 2008 monthly average, and 42% of the Jan/Feb 2008 sales figure.

The JF 2009 median sales price of  $335,375 is only off  3 % from total 2008 median sales price.

Today, there are 6001 condos on the market in these neighborhoods, meaning we have an inventory of over 31 months.

Expect prices to drop:

  • High inventories mean sellers will reduce prices to move property
  • Condo financing continues to be difficult to obtain –lenders are demanding higher LTV ratios and stronger FICO scores for loan qualifications
  • Buyers remain skittish about the market, and we are seeing fewer numbers of buyers, as well as buyers who postponing their purchase decisions

Loans dropped below 5% this week, in an attempt to lure buyers into the marketplace.

If you are considering a Chicago condo purchase — there may be NO better time than now to find a great price with a fantastic loan rate!

See condo sales charts on my Condo Sales and Trends page…

MRED Sales figures include

  • Gold Coast
  • Lincoln Park
  • Lakeview
  • North Center
  • Lincoln Square
  • Ravenwood
  • Uptown
  • Edgewater

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