Sue Fox, @Properties. Direct 773.816.1788

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Chicago home prices flat while sales sink

filed under: Buyers, Chicago home prices, Chicago home sales, Market conditions, Sellers, Uptown posted on March 23rd, 2011

UPTOWN

AN AVERAGE PRICE TAG: What can you get for the median home price in Chicago, currently $177,500? Try this 2-bedroom, 2-bath Uptown condo, located in a nearly new building at 1000 W Leland Ave. A short sale, it recently sold for just under $179,000.

The monthly sales data is out for February, and the median home price in Chicago — now $177,500 — appears to be pretty much what it was a year ago. It’s actually a tad higher (by $1,000). Perhaps prices have finally stopped their relentless downward slide in the Windy City.

Yet sales volume continued to plummet, meaning that fewer properties are actually changing hands.  A year ago in February, there were 1,225 single-family homes and condos sold in Chicago, according to the Illinois Association of Realtors. But in February 2011, only 1,056 homes were sold, nearly a 14% drop. This is not encouraging news for sellers who are hoping to attract buyers during this year’s spring market.

And prices are way down from where they were even in 2008, which was well after the downturn began. Take a look at Chicago’s median home prices in February over the past four years:

  • February 2011: $177,500
  • February 2010: $176,500
  • February 2009: $218,625
  • February 2008: $290,000

This simple chart shows the devastating impact of the thousands of Chicago homes that have fallen into foreclosure or are being marketed as short sales. All these distressed properties have pushed the year-over-year median price down nearly 40% in just a few years.

Written by Sue Fox //

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