The Chicago area housing and condo market continued to improve throughout the fall, 2013, but a slow down could be on the horizon with the holidays and winter months just around the bend.
Recent data analysis on Chicago market trends from the Illinois Association of REALTORS® shows that in the nine counties that make up the Chicago Primary Metropolitan Statistical Area, home sales were up 25.6 percent on a year-over-year basis in September. This is an impressive figure when also taking into account the 15.6 percent increase in median home prices over the same period of time.
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This means that not only were home and condominium prices on the rise as the result of increased competition due in part to a diminishing inventory, but those rising prices did not deter prospective buyers who contributed to the rising home sales figures en masse. Financing opportunities, an improving economy and growing job market in 2013 and into 2014 all factored in to buyers not letting rising prices dissuade them from their dream of home and condo ownership.
However, the fall season 2013 also saw some external factors affecting the condo and housing market trends both in Chicago and abroad. Included was the federal government shut down, which hindered the home buying process for lenders, agents, sellers and buyers alike.
“The partial government shutdown has dampened the housing market’s continuing recovery,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois. “However, both sales and prices are forecast to continue at a much faster rate than a year ago and continued completion rates for foreclosures promise a return to a more normal market situation within 6 to 12 months.”
There are plenty of condo buying opportunities sprinkled throughout Chicago. If you’d like to learn more about Chicago condos for sale, please contact me today. I’d be more than happy to show you around.