YTD: Dollars Down 53%, Units Drop 44%

According to figures generated by MRED, the regional MLS, year-to-date sales of Chicago condos for the first half of 2009 are:
* Down 53% in total dollar volume, to $1.3 billion
* Down 44% in units closed, to 3,877
* Down 12% in median sales price, to $280,000
* Up 20% in average market time, to 157 days.

This shows an improving market since the end of May, when year-to-date dollar volume was down 57% and units closed were down 48%. At the end of April, sales year-to-date were down 59% and 51% respectively. So the picture has brightened two months in a row.

Reports the Chicago Sun-Times: David Hanna of Prudential SourceOne Realty and president of the Chicago Association of Realtors, said federal rules for mortgage lenders deserve much of the blame [for the decline in the condo market]. Policies of such mortgage underwriters as the Federal Housing Administration have penalized relatively strong local markets for condos, he said. Hanna said the FHA, "the lender of choice for condos," has adopted somewhat looser loan standards for large condo buildings as of Oct. 1, but that help should have come by now.

Comparing June sales to May:
* Units closed were up 37%, from 766 in May to 1,050 in June
* Dollar volume was up 38%, from $239 million to $330 million
* Median sales price was up 1%, from $279,000 to $283,000
* Average market time was up 9%, from 148 days to 161 days.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.