Monitoring Chicago Real Estate Sales and Prices?
You will see a drop in units sold here, year over year, between March, 2007 and March of this year, but it is not as severe as the State of Illinois figure. Even comparing the City of Chicago against the larger Chicago Primary Metropolitan Statistical Area shows the city has had a smaller drop in units sold since Spring, 2007.
However, the Median Home Price - or the price at which half of the houses here sold above, half sold below - actually increased in the last year. Further, Chicago Condo Buyers faced an even steeper median price increase going into Spring, 2008!
A few figures -
- Across the State of Illinois, 8,509 homes - single-family or condos - were sold in March, 2008, versus 12,075 in March, 2007. The median price for a home in Illinois dropped to $194,500 last March, from $197,000 one year ago.
- The Chicago Primary Metropolitan Statistical Area (PMSA) tallied a 29% units-sold drop year to year. 5,753 homes or condos sold market-wide last March, compared to March, 2007 figures of 8,101 sales. In the Chicago Metro Area, the median price actually increased 1.2% - from $245,000 in March, 2007, to $248,000 this year.
- In the City of Chicago, home and condo sales fell 11.5% between March, 2007 and March, 2008 - from 2,311 homes or condos sold one year ago, to 2,045 sold this March. However, the Chicago Median Sales Price for homes and condos increased a rather-substantial 5.3% - to $300,000 now, from $285,000 in March of last year.
- Condo Sales in Chicago actually saw their Median Sales Price increase over 8%, to $317,900 this past March, according to sales data compiled by the Chicago Association of Realtors.
Across the country, the housing market slump continues!
Home and condo sales dropped nationally by 2%, to a seasonally-adjusted annual figure of 4.93 million sold units. The National Median Sales Price dropped to $200,700 - 7.7% less than a year ago.
See our post today @ BlogChicagoHomes.com for more info, and a link to today's story in The Chicago Tribune.
DEAN & DEAN'S TEAM CHICAGO
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