August 24, 2010 - It was only a couple of weeks ago that the National Association of Realtors reported that second quarter 2010 sales of Chicago area condos and single-family homes increased about 35% over the same three months last year. Then we got some more specific numbers that showed sales of downtown Chicago condos and townhomes dropped during the second quarter of this year as compared to last. Now the IAR’s latest report states that July sales of Chicago area condos and single-family homes declined by 25% as compared to the same month last year. This is the first drop in monthly year-over-year sales numbers in a year.

In a recent Crain’s article the IAR numbers showed that there were 5,561 Chicago area condos and single-family homes sold in July 2010 which was down from the 7,427 that sold in July of 2009. The numbers reflect sales of both new construction units and already existing homes.

For in-town Chicago, the drop was less but there was still a decline. For July 2010 there were
1,589 units sold which was a 19.5% decline from the 1,975 units that sold in-town Chicago in July of 2009. That drop in sales for in-town Chicago condos and single-family homes put the breaks on a 10 month run of year-over-year increased home sales.

The median price in July for Chicago area condos and single-family homes also declined by 9.6% to $193,000. The median price last July was $213,500.

The median price for in-town Chicago condos and single-family homes took a harder fall of almost 20% in July 2010, bringing it down to $196,500. The median price in July 2009 for in-town Chicago condos and single-family homes was $245,000.

Chicago still fared better than the state overall, as Illinois home sales tumbled almost 30% in July 2010 over July 2009.

Most analysts claim that the continued high unemployment rate coupled with the end of the $8,000 first-time home buyer tax credit and the $6,500 repeat buyer credit are likely to blame for the sudden decrease in sales of Chicago homes. That decline could continue and prompt Chicago real estate developers to cut prices later this fall.

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July 24, 2010 - There was some good news about Chicago real estate from the Illinois Association of Realtors. Sales of Chicago area condos and single-family homes have increased for 12 months in a row now, according to new data released from the IAR. June 2010 sales of Chicago condos and single-family homes were up over 27.2% from June 2009 sales. That translates to 9,085 homes sold last month compared to 7,140 homes sold in June of last year, as reported in a recent Crain’s article.

Numbers for just in town Chicago were similar with a 27.5% increase in sales of Chicago condos and single-family homes this June compared to the same month last year. There were 2,526 homes sold in town Chicago this June compared to 1,981 homes sold last June. That marked the 10 months in a row of incresed year-over-year sales for in town, according to the article.

However, the median price for Chicago area condos and single-family homes fell by 1.2% his June compared to June of 2009. The June 2009 median price was $210,000 compared to $207,500 for June 2010.

The median price for in town Chicago also dropped by 3.2% to $234,250. The median price in town Chicago during June of last year was $242,050.

The Sun Times quoted director of Regional Economics Applications Laboratory at the University of Illinois Geoffrey Hewings as saying that he predicts double digit sales increases for the Chicago area through September. But he believes prices on Chicago condos and single-family homes won’t increase much. He told the Sun that he thinks there will be only, “slight upward movement in Illinois in July and August, followed by little or no change in September. In the Chicago region, the changes continue to trend down in the 1 to 5 percent range.”

No matter who makes predictions on prices of Chicago condos, you can get the latest information about price cuts by checking back here and by using the Chicago MLS search.

Technorati Tags: Chicago MLS, Chicago Condos, Chicago Real Estate

July 14, 2010 – With July half over already, more Chicago real estate statistics are begining to trickle out into the news. The fact that sales of Chicago condos and single-family homes has increased month-over-month for some time now is no secret, and most analysts attribute that increase to the high number of short sales, auctions, foreclosures priced to sell and the $8,000 first time home buyer tax credit. Even closings have increased, which may actually say more about the health of the market than the number of contracts that were signed.

According to numbers released by MRED (the regional MLS service), closings on sales of Chicago condos for the first half of 2010 are up about 45% over the same period last year (2009). Even when you just compare June 2010 to May 2010, there was a 26% increased in contracts that closed. There were 1,083 units that closed in May 2010 and that number increased to 1,365 units that closed in June 2010. The median price from May 2010 to June 2010 also increased, going from $264,900 to $270,000.

Records for the first six months of 2010 showed that there were 5,630 Chicago condos that closed, which was a 45% increase over the first six months of last year. The median sales price dropped however, going down to an average of $263,700 from the median condo price during the same period last year.

With lenders still keeping credit requirements tight and no $8,000 tax incentive, we’ll have to wait and see if Chicago condo sales for the second half of this year can keep up with the pace set in the first half. Remeber that you can use the Chicago MLS search to find information about Chicago homes for sale.

Technorati Tags: Chicago MLS Search, Chicago Condos, Chicago Real Estate