Sales of condominium units in the City of Chicago went up 26.7% last month compared to June of 2009. It is an indication that the government home buyer tax credit did indeed stimulate the real estate industry—and perhaps is a sign of stabilization in the downtown housing market.
According to a recent report from the Illinois Association of Realtors, residential real estate sales in the city and suburbs have improved significantly from the previous year. Homes sales in the Chicago area rose 27.2%, marking a full year of monthly gains from 2009. In Chicago, condo sales totaled 1,559 units in June and single-family home sales topped out at 967.
The inventory of unsold condos in Chicago is still well above balanced levels, but increased buyer activity has been chipping away at the supply of attached properties available. An indefinite suspension of new construction projects in downtown means there will be limited new condos on the market in the coming years, so it may be time to start house hunting if you want a never-been-lived-in abode.
The median price of Chicago condos for June was $275,000, according to data from the Illinois Association of Realtors. That is a 5.5% decrease from the same month one year earlier. Reduced prices, record low mortgage rates, and a vast selection of units to choose from increase your purchasing power as a Chicago condo buyer and make this a great opportunity to own the home you’ve always wanted.
Nice! Finally the market is picking up again…