Chicago’s Case-Shiller Index for October fell 1.5% from September. So it’s back to its November 2011 and July 2001 levels. The index is down 1.3% from October 2011.
The decrease from August to September was 0.7%. 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 fell 0.2% from September ending its 6 month rise. The condo index is down 0.3% from October 2011. It’s back to its October 2011 and April 2001 levels. It rose 1.6% from August to September.
WHAT THIS MEANS FOR BUYERS
It’s not surprising to see a drop in the Chicago Case-Shiller index in the fall. Due to significantly lower inventories buyers don’t have nearly the choices from a year ago. The market may be forming a bottom which is a good time to buy! For more evidence that a bottom is forming at least in the Chicago downtown condo market, see Crain’s Chicago Business article, “Why ‘small ball’ is a good sign in condo development“.
WHAT THIS MEANS FOR SELLERS
I don’t recommend selling now unless
1. you really need to
or
2. you want to move up to a more expensive home (It’s probably come down more in value in the past few years than your current home.)
As always, if your home is priced right when it goes on market, it will sell in a reasonable amount of time.
ABOUT THE CHICAGO CASE-SHILLER INDICES
Keep in mind that 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.
Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
