Chicago’s Case-Shiller Index for May is up 8.5% from May 2012. This is one of the largest increases from a year earlier in the years since the real estate bubble. It’s also the seventh consecutive month it’s been up compared to a year earlier.
It’s back to its March 2002 level. It rose 3.7% from April, the largest consecutive month rise since July of last year. 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 May is up 11.9% from May 2012. This is also the seventh consecutive month it’s been up compared to a year earlier.
The condo index is back to its June 2001 levels. It rose 6.0% from April, the largest consecutive month rise since the index was started in 1995.
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 quickly. 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, get our free home valuation.
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.
Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
