Case Shiller Chicago Condo Index Up 3.4%

The Chicago Case-Shiller Condominium Index for March was 134.2, up 3.4% from March 2015. It’s back to its August 2003 level.

The condo index rose 1.7% from February. It typically rises from February to March. Last year it rose 1.1% from February to March.

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 March was 130.0, up 1.9% from March 2015. It’s back to its April 2003 level,

The index rose 1.0% from February. It typically rises from February to March. Last year the rise from February to March was 0.9%.

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. You shouldn’t price your home significantly 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 information on the indices see S&P/Case-Shiller Home Price Indices.