The Case-Shiller Chicago Index for February is 126.7, up 3.4% from February 2014. This is the largest increase in 7 months.
The index fell 0.1% from January. Drops from one month to the next are not unusual in the fall and winter months in Chicago. The drop was also much smaller than the 0.9% drop from January 2014 to February 2014.
It’s back up to its December 2002 level after falling to the April 2000 level in March 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.
The Chicago Case-Shiller Condominium Index for February is 128.8, up 6.4% from February 2014. This is the largest increase in 8 months.
The condo index rose 0.6% from January. A year earlier it fell 1.6% from January 2014. It’s back to its January 2003 level after falling to the February 1999 level in March 2012.
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. 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 
