The Case-Shiller Chicago Index for October is up 1.9% from October 2013. It’s the 24th consecutive month it’s been up compared to a year earlier. However, this is the smallest increase since November 2012.
It fell 1.0% from September. Drops from one month to the next are not unusual in the fall and winter months in Chicago.
It’s back up to its April 2003 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 October is up 1.1% from October 2013. This is also the 24th consecutive month it’s been up compared to a year earlier.
The condo index fell 1.0% from September. It’s back to its February 2003 level after falling to the October 1999 level in March 2012. This is its smallest increase since October 2012.
WHAT THIS MEANS FOR BUYERS
With sustained index increases compared to a year earlier the buyers market is over. 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 touring 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
Shrinking index increases indicate that the market improvement is slowing. 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.