10 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.Email This Post To a Friend.