Chicago Condos Market Overview

From our good friends over at Chicago Condos Online

Stats for condominiums located in Chicago for the Month of May.

Comparing 2008 to the same time last year, the total sales volume appears to be dramatically down, but prices are ever resilient showing a modest 2% gain.  It appears that anyone who doesn't need to sell is simply holding onto their condominiums until better days come along, and the units that do sell are appreciating slightly.

Year over Year - May 2008 - May 2007

Category	May 2008	May 2007	Change
Actives	14,227	15,020	-5%
New Listings	3,455	4,167	-17%
Closings	1,247	1,966	-37%
Median Sales Price	$329,000	$299,000	+2%
Total Sales Volume	$496-million	$659-million	-25%
Avg. Days on Market	126	123	+2%
Supply	9.5 months	9.3 months	+2%

 

From April to May it appears that sales increased along with prices.  Time on the market increased a bit along with months supply of inventory, but the market picked up during May compared to April.

Month over Month - May 2007 - April 2008

Category	May 2008	April 2008	Change
Actives	14,227	14,127	+0.7%
New Listings	3,455	4,464	-23%
Closings	1,247	1,148	+9%
Median Sales Price	$329,000	$320,000	+3%
Total Sales Volume	$496-million	$441-million	+12%
Avg. Days on Market	126	123	+2%
Supply	9.5 months	9.4 months	+1%