Buyers are showing their preference for Chicago condos, as sales have risen dramatically during the first five months of 2013. During May, Chicago condo and townhome sales increased an impressive 35%, which helped the overall real estate market post a 30% gain in total sales year-over-year.
May’s total sales pace was the largest since May 2006. And in addition to the quantity of homes that sold, the pace was also of note. The average number of days on the market in May fell to 115 days from 160 days during May 2012. Tighter inventory and the continued low interest rates are making buyers jump at any opportunity they have to purchase a Chicago condo. Currently, there is about a three-month supply of homes on the market, whereas a six-month supply is considered balanced.
Additionally, the median sales price for a Chicago condo in May rose 8%. Across all seven counties, transaction volume rose fairly dramatically for attached homes. Cook County saw a 33% increase, DuPage 37%, Kane 48%, Kendall 17%, Lake 30%, McHenry 92%, Will 38%, and Chicago 36%. Cook County also led the way when it comes to median sales price, with a 14% increase to $188,000. The median sales price for Chicago condos in the city climbed 11% to $272,000.
There’s no question that now is the time to buy, however, with the lack of inventory, interested condo buyers need to act fast in order to be competitive. Many condos are listed and sold the same day, and others are selling above the asking price. As we continue into the middle of the busy summer buying period, demand for Chicago condos is expected to increase and this segment of the market is anticipated to help keep the overall Chicago real estate market bustling.