June Sales Of Chicago Condos Up

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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.

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