The Chicago Case-Shiller Condominium Index for January was 131.6, up 2.8% from January 2015. It’s back to its July 2003 level,
The condo index fell 0.7% from December. It typically falls from December to January as we continue into the winter season. Last year was an exception as it rose 0.5% from December 2014 to January 2015.
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 January was 129.3, up 2.1% from January 2015. It’s back to its April 2003 level,
The index fell 0.4% from December. It typically falls from December to January. Last year the drop from December 2014 to January 2015 was 0.2%.
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
The market is a little softer now, but I expect that to change soon as we head into the spring selling season. 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. You shouldn’t 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, 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.