The Chicago Case-Shiller Condominium Index for August is 137.0, up 4.6% from August 2014. It’s back to its February 2004 level after falling to the August 1999 level in August 2012.
The condo index rose 0.7% from July. Last year the rise from July 2014 to August 2014 was 0.5%. 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 Case-Shiller Chicago Index for August is 134.1. It’s up 1.9% from August 2014.
The index rose 0.7% from July. It typically rises from July to August. Last year the rise from July 2014 to August 2014 was also 0.5%.
It’s back up to its September 2003 level after falling to the August 2000 level in August 2012. 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
Buyers should be prepared to encounter competing offers, especially for condos. 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 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
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, especially if you have a house. 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 
