2010 Chicago Condo Market? Not Too Bad!

March 10, 2010

Daily Real Estate Updates

sudler-sothebys-logo10 March 2010 ? Many people are wondering how the condo market is doing so far in 2010. In short, not bad! Here we are, only two months into the new year, and according to figures generated by MRED, our regional Multiple Listing Service, condo sales are off to a strong start compared to 2009.

Here is a quick snapshot of year-to-date sales of Chicago condos for the first two months of the new decade:

  • 30% increase in total dollar volume, to $356 million
  • 41% increase in units closed, to 1,097
  • 12% decrease in median sales price, to $255,000
  • Average market time decreased 8%, to 143 days

What does it all mean? Condo inventory is getting absorbed which is great news, they are selling in less time but on average, are 12% lower in price compared to January- February of 2009. Considering the severe depreciation in other parts of the nation, 12% is relatively benign.

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About Nancy Gaspadarek

With over nine years in the Chicago real estate market, Nancy continues to enjoy the momentous and exciting process of helping her clients buy and sell homes. Nancy believes that the relationships & friendships that she has developed over the years are priceless. In 2007 she made the decision to partner with Catherine Brennan and the two are collectively known in the industry as The G and B Team. ?It was the best move I could have made?, Nancy says, ?Having a knowledgeable and reliable business partner to counter balance your strengths and have a shared passion to provide top notch service and expertise to all our clients is such a blessing.? Nancy graduated from Florida State University in Tallahassee, where she received a four year scholarship and was the captain of the woman's volleyball team for four years. Nancy has lived in downtown Chicago for over 14-years in a variety of neighborhoods. Her free time is usually spent playing tennis, golf & running/biking along the lakefront. She participated in the 1998 Chicago Marathon and has competed in a number of triathlons as well. She volunteers with The Friends of Blaine School in Lakeview, as well as Umoja Student Development and loves to travel as much as possible. You can contact Nancy at 773.259.9353 or gandbteam.com

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