Chicago Real Estate Blog - Chicago condo market

Buying a Chicago Condo in Today’s Market

When it comes to Chicago real estate, the time to buy is now but interested buyers would be wise to be quick, but not hurry in finalizing a Chicago condo sale. 

While mortgage rate averages are on an upward trajectory (despite fluctuating up and down over the past several months) interested home and condo buyers in Chicago shouldn’t rush into a transaction just because they’re afraid mortgage rates will continue to rise while they make up their mind.

Buying a new home or condo is one of the most important financial decisions that you’ll make in your lifetime so you’ll want to be sure you’re properly vetting every aspect of the process.

According to the Keeping Current Matters blog: “Every spring a surge of prospective purchasers enter the…

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Moving on Up to Chicago Condos? The Time is Now to buy

The Chicagoland area has seen its real estate market change significantly in recent years. Rising prices, increasing demand and an abundance of Chicago condos coming on the market have led to an incredibly active market.

The economy has been on the rebound, along with the local real estate market, for some time now. The technology industry and startup atmosphere in Chicago have brought a number of high-profile companies to the region to set up shop and hire en masse. This trend has benefited the local real estate market as more renters are quickly turning into buyers.

Although it may have taken a while, more Chicago renters are starting to realize that it may actually be cheaper in the long-run to buy in this market. Rents are skyrocketing not just…

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Chicago Condos for Sale Priced Competitively

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.

Since the third quarter of 2010, the number of condos under contract and sold have steadily upticked, although there was a slight drop between quarter two and three of 2013. The amount of closed sales was up 24.3…

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A Look at Chicago’s Booming Condo Market

Much of the nation’s housing market has gained momentum over the past year due in part to a diminishing inventory ramping up buyer demand and boosting competition, creating a seller’s market. In Chicago, that trend has been exemplified by the area’s condo market.

According to a recent report from Crain’s Chicago Business, downtown Chicago condo sales are up by more than half this year compared to last and that increase has put a serious dent in the inventory of unsold units. This has led to developers pondering their next move for the next major city condo project to satisfy hungry condo buyers.

Everyone is still waiting to see exactly who steps up and gets underway with the next huge condo development.

“The reason to be first is while you're out…

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Chicago Condos and Homes Experience in-Demand Seller's Market

In a trend that falls in line with what much of the nation has been experiencing in 2013, Chicago condos and homes for sale are seeing low inventory, high prices, bidding wars, and quick turnaround between when a property or space is listed and when it is sold.

A recent report from the Sun-Times used the example of Jason and Megan Komenda, a couple expecting a child who were looking to move out of their Chicago condo in Lincoln Square to find a larger home. It took the Komenda's three attempts to close on a home, due to higher-priced offers ousting their initial bids—and when they did secure a property, it was only because another buyer fell through due to complications.

While this scenario might sound difficult, it's actually pretty indicative of the…

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Chicago Market Recovery - Near North Side Condo Market

Are we in a Chicago market recovery?

In my last blog I discussed the national real estate market. The more relevant question is what is the trend in the local Chicago market? The real estate market trends in one neighborhood and or at various price points can vary dramatically. Basic economics are about supply and demand. How much inventory is available and how many people want to buy determines the direction of prices.  

Is Chicago a buyers’ or a sellers’ market? The best way to address this is to look at  inventory by price point and neighborhood. Typically one to four months of inventory means it is a sellers’ market and you will begin to see appreciation in pricing. Five to six months of inventory is when prices stabilize and seven + months of…

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