Chicago condos for sale continue to benefit from the surging local real estate market.
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 units. Meanwhile, the median price for a new home for sale rose 17 percent to $175,000.
Part of the reason for the price uptick has been increased demand for the inventory of new homes and condos for sale in the Chicago market. It’s definitely good to see sales rise with prices as it shows that interested buyers are more than that – they are determined to close the deal no matter where prices are trending or what time of year it is.
Chicago Condo Sale Projections for 2014
The Chicago real estate market should continue its growth into 2014, and area condo sales could play a major role in that. Today’s real estate status still shows buying as more affordable than renting in many metro areas, including in Chicago. And with its own unique set of advantages over homes, condos are becoming a trendy alternative to both renting and home buying. To stay up on trends, you can subscribe to market update reports by zip codes on my site.