Chicago’s Case-Shiller Index for February is up 10.8% from February 2013. It’s the 16th consecutive month it’s been up compared to a year earlier.
It dropped 0.9% from January. It’s back to its July 2002 level. The Case-Shiller Index for Chicago is based on resales of houses in the Chicago Metro Area. It’s published with a 2 month lag.
The Chicago Case-Shiller Condominium Index for February is up 17.2% from February 2013. It’s the largest increase in the history of the condo index. This is also the 16th consecutive month it’s been up compared to a year earlier.
The condo index dropped 1.6% from January. It’s back to its May 2002 level.
WHAT THIS MEANS FOR BUYERS
The drops from the prior month are to be expected during the winter months. With sustained index increases compared to a year earlier the buyers market is over. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.
WHAT THIS MEANS FOR SELLERS
If your home is priced right when it goes on market, it should sell within a few months. Luxury homes do take longer. Just because prices are rising doesn’t mean you should price your home above market. Most buyers have to finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. If you’re considering selling your home, contact me for a free market analysis.
ABOUT THE CHICAGO CASE-SHILLER INDICES
The Chicago Case-Shiller Indices are for the entire Chicago Metro Area. Markets do vary by location, price range and housing types. For more market statistics see my other Chicago Real Estate Market articles. For more information on the indices see S&P/Case-Shiller Home Price Indices.