Chicago’s Case-Shiller Index for October is up 10.9% from October 2012. This is the largest increase since December 1988. It’s the 12th consecutive month it’s been up compared to a year earlier.
It dropped 0.5% from September. It’s back to its February 2003 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 October is up 14.2% from October 2012 tying its previous record gain in August. This is also the 12th consecutive month it’s been up compared to a year earlier.
The condo index rose 0.1% from September. It’s back to its November 2002 level.
WHAT THIS MEANS FOR BUYERS
With sustained index increases 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.