February Sales Volume Drops Another 10%

Comparing February sales of Chicago condos to January sales:
* Dollar volume was down another 10%, to $130 million
* Median sales price declined by 7%, to $278,000
* Units closed dropped by another 3%, to 384.

Those figures are from a report prepared for ChicagoCondosOnline.com by Midwest Real Estate Data (MRED), the regional MLS for northern Illinois.

The month-over-month report also shows a:
* 19% increase in new listings (some of which is seasonal)
* 7% increase in active listings (on March 1 compared to Feb. 1)
* 4% increase in average market time.
As of March 1, there were 12,073 units on the market.

Because we have not generated our monthly reports since July 2008, we are summarizing the recent data below:

Sales of Chicago Condos on the MLS (MRED)

Month	Volume	Closed	MSP	New	Active*	AMT
2/09	$130M	384	$278K	2,600	12,100	158 days
1/09	$144M	395	$299K	2,200	11,300	152 days
12/08	$213M	646	$290K	1,100	11,000	134 days
11/08	$171M	526	$279K	1,400	12,400	131 days
10/08	$275M	783	$305K	1,600	12,900	137 days
9/08	$352M	1,020	$302K	1,800	13,300	134 days
8/08	$461M	1,255	$309K	1,600	13,400	129 days
7/08	$488M	1,357	$313K	1,800	13,800	124 days
6/08	$524M	1,423	$320K	1,900	14,100	122 days
5/08	$538M	1,350	$329K	2,000	13,900	124 days
4/08	$463M	1,208	$320K	2,200	14,000	124 days
3/08	$509M	1,361	$310K	2,100	13,600	136 days
2/08	$353M	828	$310K	2,100	13,100	117 days
1/08	$296M	731	$315K	2,100	12,500	125 days

*The numbers of active units are rounded to the nearest 100 and are for the first day of the next month. The actives in the February report are the number for sale on March 1, for example. Also rounded off are total dollar volume (Vol.), median sales price (MSP) and new listings (New). Actual figures are used for units closed (Closed) and average market time (AMT).

We'll provide year-over-year, and year-to-date, statistics as soon as they are available, and update our Condo Market widget (above, right).

For our post on sales for all of 2008, showing unit sales down 30%, volume down 27%, but median price up 5%, click here.