The Case-Shiller Chicago Index for May is 130.8. It’s up 2.2% from May 2014.
The index rose 1.3% from April. It typically rises from April to May as it’s part of the big spring market. Last year the rise from April 2014 to May 2014 was 1.5%.
It’s back up to its May 2003 level after falling to the May 2000 level in May 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 May is 134.0, up 4.1% from May 2014. It was up 4.2% in April. It’s back to its August 2003 level after falling to the May 1999 level in May 2012.
The condo index rose 1.8% from April. Last year the rise from April 2014 to May 2014 was 1.9%.
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. 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.
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 
