Today’s Tribune front page headline reports Trouble in condo land. Chicago (city only) sales stats show that single family home sales surged from August, 2008, to August, 2009, but condo sales lagged anywhere from around 10% off to more than 30% off. Prices seem to be down, too.
While August sales of single-family homes in Chicago rose 22.6 percent from a year earlier, the city’s condo market saw sales drop 19.1 percent. Condo and town house prices plummeted as well, down 15.3 percent to a median sales price of $271,000, the Realtors’ trade group said. Single-family prices slumped 30 percent, to a median of $154,000, a price drop largely caused by foreclosures and short sales.
In contrast, Your Guide feels that last August through January were the worst of the doldrums. With one closing in August, and one contract written in September that dragged into the New Year, the period from last August through January was the worst in memory. And we’ve been around long enough to have worked through the 1989 to 1991 recession.
On the other hand, we can not argue with the reporting on pricing. Your guide has written about pricing and the new reality in recent articles. The 15.3% price decline quoted above is a good average for much of the City, but in certain markets the figures are worse.
- In Lincoln Park – I’m seeing prices holding steady
- In Lakeview – I’m seeing prices 20% off
- In Albany Park – I’m seeing prices 33% off
- In the South Loop – I’m seeing prices 17% off
NOTE: in the examples above these figures are from personal experience, not an evaluation of the market statistics as a whole.