The Chicago Case-Shiller Condominium Index for January was 138.7. The index was up 5.5% from January 2016. It’s back to its February 2009 level.
The condo index was down 0.6% from the December index. Last year the index fell 0.8% from December to January. A drop in January is not unusual since the index typically pulls back in winter.
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 136.5. It was up 5.8% from January 2016. It’s back to its January 2009 level.
The index was up 0.2% from December. Last year from December to January the index fell 0.5%.
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 softer winter market is ending. 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. 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.