Yesterday I attended the Chicago Association of Realtors’ 2010 Economic Forecast. Last year I wrote a few blog posts about the 2009 Economic Forecast. Gail Lissner with Appraisal Research Counselors was one of the panelists again this year. One of her slides that caught my attention is shown below.
Slide from Gail Lissner's Presentation at Chicago Assoc. of Realtors' 2010 Economic Forecast
The graph compares the number of downtown Chicago condos sold in the second half of last year with the number currently on the market in 5 different price ranges. What caught my attention were the numbers for condos in the $1M+ price range. As expected there were fewer sales than in the lower price ranges. However, there are currently more homes for sale than in the $700,000 to $999,999 price range and almost as many for sale as in the $500,000 to $699,999 price range!
Even in a normal market it takes homes in the $1M+ price range longer to sell, so that price range probably won’t ever have the comparable ratios of sold to for sale units. However, there’s no doubt that it’s a buyer’s market especially so in the $1M+ price range!
Search $1M+ downtown Chicago condos for sale
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