More Information on Condo Sales in Chicago

March 17, 2010

Daily Real Estate Updates

sudler-sothebys-logo17 March 2010 ? Did you know that at any given time, there are approximately 10,000 condos actively for sale in Chicago? Annually, between 10,000 ? 20,000 condo units are sold in the Windy City. That represents about 2% of the 900,000 condos & co-ops bought and sold across the entire country.

In 2009 the median sale price of a condo citywide was $270,000, which takes into account all 77 official community areas. Since real estate is local, and Chicago is a patchwork of neighborhoods, here are more specific median sale prices based on closed sales from the Multiple Listing Service for 2009:

Lincoln Park: 593 condos sold with a median sale price of $359,000 ( an 8% decrease compared to 2008)

Lakeview: 1,092 condos sold with a median sale price of $309,500 (a 9% decrease compared to 2008)

Near North Side (which includes the Gold Coast, River North, Old Town, Streeterville, Cabrini Green, Goode Island) 1,737 condos sold with a median sale price of $360,000. (a 13% decrease compared to 2008)

The upside is that so far this year, total sales volume and number of closed transactions for condos are on the upswing, which is promising news.

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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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