Tuesday, July 8, 2008

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

Median Price:$250K$260K$279K$286K$299K$325K
Total Volume:$405M$607M$709M$694M$710M$505M
Units Closed:144120372207205020371365
Avg Mkt Time:581069197114124

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.

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