The Chicago Case-Shiller Condominium Index for November was 136.2. The index was up 1.7% from November 2015. It’s back to its December 2003 level. It hasn’t been back to a 2003 level since March 2016.
The condo index was down 2.2% from the October index. Last year the index fell 0.7% from October to November. A drop in November is not unusual since the index typically pulls back after the busy spring and summer markets.
The Case-Shiller Condo Index for Chicago is based on resales of condos in the Chicago Metro Area. It’s published with a 2 month lag.
The Chicago Case-Shiller Index for November was 135.5. It was up 4.0% from November 2015. It’s back to its October 2003 level.
The index was down 0.8% from October. Last year from October to November the index fell 0.7%.
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.
WHAT THIS MEANS FOR BUYERS
Take advantage of the softer winter market. You still 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 viewing 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
Don’t price your home above market. If your home is priced right when it goes on market, it should sell within a few months. Luxury homes do take longer. 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 information on the indices see S&P/Case-Shiller Home Price Indices.