The Chicago Case-Shiller Condominium Index for May was 144.4. The condo index was up 4.0% from May 2016.
The index was up 1.1% from the April 2017 index. May indexes are typically higher than April indexes since the market is in the busy spring season.
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 May was 139.1. The index was up 3.3% from May 2016.
The index was up 1.0% from April. As with the condo index this index typically rises from April to May.
The Case-Shiller Index for Chicago is based on resales of houses in the Chicago Metro Area. It’s also published with a 2 month lag.
The Case-Shiller Chicago Indices reported here are part of the Standard & Poors Corelogic Case-Shiller Chicago Home Price NSA Index.
WHAT THIS MEANS FOR BUYERS
You need to be ready to buy when you find a home you want as you may encounter competing offers. 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. 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.