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!
MRED Sales figures include
- Gold Coast
- Lincoln Park
- North Center
- Lincoln Square