July Sales Of Chicago Condos And Single-Family Homes Fall
Tuesday, August 24th, 2010August 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.
Technorati Tags: Chicago Homes, Chicago Condos, Chicago Real Estate