This April witnessed a much-needed surge in Chicago condo sales, according to a recent report from the Illinois Association of Realtors. The report states that last month, more condos were sold in Chicago than in any month since June 2011, at prices that were the highest since last September.
News of this positive trend came alongside similar news of upward sales activity throughout the area housing market as a whole. The Chicago real estate market—inclusive of a nine-county metro area—enjoyed a slight uptick in sales in April, while the median sales price of condos and single-family detached homes was recorded at a 1.5 percent year-over-year decrease.
In total, some 6,814 homes were sold in the Chicago area last month, a 19.3 percent increase from a year ago. Condo sales alone totaled 1,057 units, increasing by 24 percent over April of last year. While median home and condo prices remained relatively untouched, the numbers were largely weighed down by an overabundance of foreclosed home and short sale recently. Remove these distressed properties from the overall calculation, and the median sales price for homes sold within Chicago last month was $287,500, an overall 8.5 percent year-over-year increase.
Real estate analysts have cited several contributing factors in last month’s sales uptick, including low interest rates, rising rents, an increase in distressed home sales and the cyclical upturn in home sales during the spring season. Whatever the reasons, it would appear that Chicago’s real estate market is finally ready to mend its wounds and move in a positive direction.
More and more Chicagoans are coming out of the woodworks, spurred on by record-low affordability rates, after waiting around for market conditions to improve. These low rates coupled with astronomical rents are increasingly driving Windy City residents to commit to their own properties, especially if they plan on living in one residence for five years or more. After all, it makes more sense to act now, when home prices are at rock bottom, then wait a couple years until they have managed to recover.
Overall, real estate experts claim a changing attitude in potential homebuyers as of late. After years of waiting, many Chicago residents are ready to pounce on the opportunity to own their own home or condo. For those still on the fence, know that waiting any longer could be a mistake.