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.

[tags]Chicago MLS Search, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Wednesday, July 14th, 2010 at 9:38 pm and is filed under Market Update.