The Chicago condo market improved more than the market for houses in 2015 based on the Case Shiller Chicago Housing Indexes. As shown in the graph below the condo index rose above the index for houses at the end of 2014 and stayed higher all year.
The Chicago Case-Shiller Condominium Index for December was 132.9, up 4.3% from December 2014. It’s back to its July 2003 level,
The condo index fell 1.2% from November. It typically falls from November to December as we head into the winter season. Last year the drop from November 2014 to December 2014 was 0.7%.
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 December was 129.8, up 2.4% from December 2014. It’s back to its April 2003 level,
The index fell 0.4% from November. It typically falls from November to December. Last year the drop from November 2014 to December 2014 was 0.9%.
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 market is a little softer now that we’re in the slower winter season. However, 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. You shouldn’t price your home above market, especially if you have a house. 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.
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.