Yesterday’s ChicagoBusiness.com reported several Chicago Metro Area housing statistics from reports the Illinois Association of Realtors released on Monday. While the statistics were favorable in terms of units sold for the entire Chicago Metro Area, the article was much less positive about the Chicago market stating, “Yet the market continues to decline in the city of Chicago, where third-quarter sales fell 4.8%, to 5,821, compared with 6,117 in the third quarter last year.”
As the charts below show, the market (as defined by unit sales) is very different for houses and condos in Chicago. House sales in Chicago are actually at their highest for the past 2 years while condo sales are down significantly from last year.
Chicago House Sales October 2007 - October 2009
Chicago Condo Sales October 2007 - October 2009
The Chicago Tribune’s Mary Ellen Podmolik explained in her article on the IAR’s report, “Chicago condo sales were the main reason for the decline, with the number of units sold falling 16.8 percent during the quarter, to 3,532 units…Meanwhile, single-family home sales in city rose 22. 2 percent, to 2,289″.
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