August 17, 2008 - Sales of new and re-sale single-family homes fell by more than 9 percent in July in the city of Chicago. Sales were off by more than 28 percent for the month when compared to the total seen in July 2006. According to data from the MLS, a total of 662 single-family homes were sold citywide in July, down from 730 homes sold during the same period last year.

The average sales price fell by more than 14 percent around the city in July. Homes sold for an average of $338,222 during the month, down from $393,989 in July 2007. The drop in prices was even more dramatic in neighborhoods south of downtown. The average sales price in these neighborhoods fell by just over 31 percent.

Buyers in neighborhoods north and west of downtown are also starting to see a lot more single-family homes priced under $250,000. A total of 74 homes were sold in that price range in July north and west of downtown, up from 33 units sold during the same month last year.

Falling prices for single-family homes in Chicago could have an adverse effect on prices of condominiums and lofts around the city. However, the market for Chicago Condos continued to show some resistance in July, with prices rising 5 percent.

Technorati Tags: Chicago Real Estate, Chicago Condos, Chicago Homes For Sale

August 10, 2008 - The Near North Side suffered a decline in both prices and sales of condominiums and lofts in July.  The neighborhood also saw a drop in sales of the most expensive condominiums, ending a trend towards stronger demand for million-dollar units in the area.

According to data from the MLS, a total of 250 new and re-sale condominiums and lofts were sold on the Near North Side during July, down more than 9 percent from the same month last year.  It was a 19 percent decline in sales from July 2006.  Sales of both the most affordable and most expensive condominiums were also off during the month.  A total of 20 condominiums were sold for more than $1 million during July, down nearly 20 percent from July 2007.  Sales of condos and lofts priced below $250,000 fell at the same rate.  Just 51 condominiums were sold in that price range in July, down from 64 units sold during the same period last year.

July was one of the first months that we’ve seen a drop in the average sales price of condominiums on the Near North Side.  Strong demand for the most expensive Chicago Condominiums in the neighborhood had led to an increase in the average sales price despite an overall decline in sales.  However, the average sales price fell by more than 4 percent in July.  It seems that the slowdown in the market has finally reached the Near North Side.

Technorati Tags: Chicago Condos For Sale, Near North Side Condos For Sale, Chicago Real Estate

August 3, 2008 - Sales of new and re-sale condominiums fell yet again in the city of Chicago.  According to July sales data from the MLS, sales of condos plummeted by 28 percent from the same month last year.  However, despite lower sales of the most expensive units around the city, the average sales price managed to increase slightly during the month.

A total of 1,510 condominiums and lofts were sold in the city of Chicago in July, down from 2,109 units sold during the same month last year.  Sales on both extremes of the market fell during the month.  A total of just 30 units priced over $1 million were sold in the city in July, down from 35 units sold in July 2007.  On the low end of the market, 353 condominiums were sold for less than $250,000 during the month, down from 579 units sold in the same price range last year.

The overall average sales price for condos sold during July rose to $384,074, up 5 percent from $366,665 a year ago.  However, for neighborhoods south of downtown the story is very different.  The average sales price for condos sold in areas in the southern half of the city was down by just over 9 percent, reaching $207,259.

While we’ve reported on declining sales around the city during the past few months, this is the first month we’ve seen a drop in sales for even the most expensive Chicago Condominiums.

Technorati Tags: Chicago Condos For Sale, Chicago Real Estate, Chicago Condo Sales July