Wednesday, March 11, 2009

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 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)

2/09$130M384$278K2,60012,100158 days
1/09$144M395$299K2,20011,300152 days
12/08$213M646$290K1,10011,000134 days
11/08$171M526$279K1,40012,400131 days
10/08$275M783$305K1,60012,900137 days
9/08$352M1,020$302K1,80013,300134 days
8/08$461M1,255$309K1,60013,400129 days
7/08$488M1,357$313K1,80013,800124 days
6/08$524M1,423$320K1,90014,100122 days
5/08$538M1,350$329K2,00013,900124 days
4/08$463M1,208$320K2,20014,000124 days
3/08$509M1,361$310K2,10013,600136 days
2/08$353M828$310K2,10013,100117 days
1/08$296M731$315K2,10012,500125 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.

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