Chicago Real Estate Sales Grow in December
Posted by Helaine Cohen on
Chicago condos for sale continue to benefit from the surging local real estate market.Â
Recent data analysis from RE/MAX shows that Chicagoland real estate sales actually rose in December, a month that is typically a down season for housing market activity throughout much of the country, especially in cold weather states like Illinois.
“During the final month of 2013, home sales in the seven-county metro Chicago real estate market totaled 8,053 units, 9 percent more than during the same month last year, while the median sales price was $178,000, an impressive 17 percent higher than in December 2012,” reports RE/MAX.
Taking a more focused look at the data, Cook County saw home sales activity climb 10 percent on a year-over-year basis, to 4,667…
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Although the end of the year and the holidays typically marks a slow real estate season, the Chicagoland area saw its home sales rise at this time, helped by a strong surge in Chicago condo sales.
Located in Streeterville, along Chicago’s stunning lakefront, 850 North Lake Shore Drive towers 17 stories into the sky for simply gorgeous views of the water. Built in 1920, the luxury apartment complex features 198 recently constructed apartments for Chicagoans who want to live smack dab in the middle of all the action.
The Streeterville neighborhood of Chicago is a growing hub of activity, especially for new condo buying opportunities. An example of the most attractive in area condos can be found at the Plaza on DeWitt. Located at 260 East Chestnut, the 407-unit Plaza on DeWitt comes with a number of amenities and attractive features that are sure to attract the most discernible Chicago condo buyer. Just a mere minute from the infamous Magnificent Mile on Michigan Avenue, the Plaza on DeWitt boasts a brand new exercise room, bicycle room, outdoor swimming pool, storage space, receiving room, hospitality room, 24-hour staff, laundry room and garage parking.
Chicago’s South Loop has been on the rise for quite some time, and it’s pretty apparent why. Museum Campus, State Street shopping, Soldier Field, Lake Michigan beaches and Grant Park are all within arms' reach and the city’s business district is just a short commute away. This burgeoning neighborhood is flourished with trendy restaurants and towering skyscrapers, one of which is the stunning Columbian Condos. Boasting 360-degree views of the city, The Columbian is one of the most sought-after condo buildings downtown.
Located amidst the trendy streets of Chicago’s Gold Coast neighborhood lies the exquisite 1320 State Parkway co-op. The building’s vintage features and unsurpassed detail makes the one-of-a-kind residence simply outstanding. As many owners have updated their units, grand old world finishes are complemented by the modern appliances and fixtures blending the best of both worlds for home buyers looking for the perfect Chicago home.
Inventory of Chicago condos for sale is steadily decreasing, ending 2013 with only a 2.7 months supply. In the third quarter, Chicago condos for sale were down 2,512 from 2,774 in the previous year, which was a 9.4 percent decrease. The shortage of inventory is also lending to the 9.2 percent increase in median sale price posted in the third quarter. On average, the price per square foot increased by 4 percent to $389. All in all this is lending to a seller’s market in the Windy City, according to the aforementioned data from S&P/Case-Shiller.
Chicago condos for sale are a hot commodity, and for those who are looking at luxury units will have a lot to benefit from in the coming year. According to a recent study by ZipRealty, Chicago is ranked in the top 10 metro areas expected to have an uptick in home-selling activity. Homes in the Chicago market sold at a much higher rate in 2013 than they did in 2012 and it’s anticipated that the trend will continue.
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