Over 6,000 condominiums or townhomes were sold in the first quarter of 2013, an increase of 77 percent over the first quarter of 2012. Though the median selling prices of condos and townhomes slipped, the high sales volume is welcome news for beleaguered condo market, which has suffered from foreclosures and financing difficulties. The median [...]
Home sellers and buyers had an active first quarter in Chicago, with 7,751 single-family homes trading hands between January 1 and March 31. Though that figure represents a decrease from the previous quarter, it is 26 percent higher than the same figure a year ago. Prices are also down over last quarter.
Despite a pickup nationwide, building permits for housing construction in Chicago remain well below pre-boom levels, according to the latest Census data. The chart above shows a three-week moving average to cut down on noise. The city averaged just 156 multifamily permits and 26 single family permits per month in the last 12 months. The [...]
The FHFA and Case-Shiller indices showed slight decreases in their most recent reporting periods. The indices, which were both released this week, had shown slight increases recently but have largely remained flat over the past year.
This week we’ve been looking at the market overview charts for some neighborhoods with a lot of condominiums: Near North Side, Lincoln Park, Near South Side, and the Loop. With the exception of Lincoln Park, they have all seen a manageable decrease in median selling price. These neighborhoods, likely because of the high sales volume and high income levels and financial stability of owners, have avoided the radical ups and downs seen in other areas.
Two key indices, the Case-Shiller home price index and the FHFA home price index, both show prices rising in the Chicago region. The Case-Shiller index shows prices rising in all three price tiers, as well as for Chicago condominiums.
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