Confidence in Buying Up as Chicago Condos Reap the Benefits
Posted by Helaine Cohen on
There’s been plenty of news made about more home and condo owners confident in their ability to sell their residences quickly in 2014, but buyers are showing signs that they’re equally confident as the new year gets underway.
Fannie Mae recently released its January 2014 National Housing Survey, which found that 52 percent of respondents said it would be easy for them to get a mortgage today and 70 percent said they would buy if they planned on moving this year.Â
Doug Duncan, senior vice president and chief economist at Fannie Mae, had this to say: “A majority of consumers now believe that it is getting easier to get a mortgage. For the first time in the National Housing Survey’s three-and-a-half-year history, the share of respondents who said it is…
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Chicago condos for sale continue to benefit from the surging local real estate market.Â
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.
The national housing market is still working its way toward a full recovery and Chicago is representing the Midwest as one of the most impressive metro areas in the United States as far as home prices are concerned.
The Chicago condo market continues to benefit from increased competition and buyer demand, as prices hit a 32-month high in June, according to the Standard & Poor’s/Case-Shiller Home Price Indices.