Snapshots of June Sales Over 6 Years ('03-'08)

With statistics generated from the Multiple Listing Service, operated by Midwest Real Estate Data (MRED), we created the following table to show how the Chicago condo market has changed over the past six years, based on a snapshot of sales in June of each year:

Six-Year Comparison of Chicago Condo Sales in June

	'03	'04	'05	'06	'07	'08
Median Price:	$250K	$260K	$279K	$286K	$299K	$325K
Total Volume:	$405M	$607M	$709M	$694M	$710M	$505M
Units Closed:	1441	2037	2207	2050	2037	1365
Avg Mkt Time:	58	106	91	97	114	124

Comparing June 2008 to June 2003:
* Median sales price is up 30%, an average appreciation of 6% a year
* Total volume is up 25%, an average of 5% a year
* Units closed are down 5% (33% lower than in 2007)
* Average market time (days on market) is up 114%, meaning that what took two months to sell in 2003 took four months in 2008.

For reasons we don't understand, if one looks at the snapshots each January over the same six-year period, median sales price is up 40% (compared to 30% in June), an average appreciation of 8% a year. Go figure.