Dollar volume up 2% YTD, down 4% from October

In the first eleven months of this year, city condo dollar volume has increased 2% compared to 2009. But volume in November was down 4% compared to October.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through November 2010 are:
* Up 2% in total dollar volume, to $2.9 billion
* Up 0.2% in units closed, to 9,133
* Down 5% in median sales price, to $257,000
* Up 1% in average market time, to 150 days.

Comparing November sales to October:
* Units closed were down 5%, from 563 to 535 closings
* Dollar volume was down 4%, from $165 million to $159 million
* Median sales price was down 9%, from $240,000 to $218,000
* Average market time was up 6%, from 156 to 166 days

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

Dollar volume up 7% YTD, down 19% from September

In the first ten months of this year, city condo dollar volume has increased 7% compared to 2009. But volume in October was down 19% compared to September.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through October 2010 are:
* Up 7% in total dollar volume, to $2.7 billion
* Up 5% in units closed, to 8,571
* Down 5% in median sales price, to $259,900
* Flat in average market time, to 149 days.

Comparing October sales to September:
* Units closed were down 19%, from 698 to 563 closings
* Dollar volume was down 15%, from $194 million to $165 million
* Median sales price was up 5%, from $229,000 to $240,000
* Average market time was up 5%, from 149 to 156 days

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

Dollar volume up 14% YTD, down 19% from August

In the first nine months of this year, city condo dollar volume has increased 14% compared to 2009. But volume in September was down 19% compared to August.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through September 2010 are:
* Up 14% in total dollar volume, to $2.5 billion
* Up 13% in units closed, to 7,996
* Down 6% in median sales price, to $260,000
* Down 2% in average market time, to 148 days.

Comparing September sales to August:
* Units closed were down 4%, from 730 to 698 closings
* Dollar volume was down 19%, from $240 million to $194 million
* Median sales price was down 13%, from $263,450 to $229,00
* Average market time was down 2%, from 152 to 149 days

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

Dollar volume up 21% YTD, down 16% from July

In the first eight months of this year, condo dollar volume has increased 21% compared to 2009. But volume in August was down 16% compared to July.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through August 2010 are:
* Up 21% in total dollar volume, to $2.3 billion
* Up 20% in units closed, to 7,278
* Down 6% in median sales price, to $262,000
* Down 3% in average market time, to 148 days.

Comparing August sales to July:
* Units closed were down 12%, from 833 to 730 closings
* Dollar volume was down 16%, from $286 million to $240 million
* Median sales price was up 3%, from $255,000 to $263,450
* Average market time was up 6%, from 144 to 152 days

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

Dollar volume up 30% YTD, down 34% from June

In the first seven months of this year, condo dollar volume has increased 30% compared to 2009. But volume in July was down 34% compared to June.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through July 2010 are:
* Up 30% in total dollar volume, to $2.1 billion
* Up 30% in units closed, to 6,524
* Down 7% in median sales price, to $262,500
* Down 3% in average market time, to 148 days.

Comparing July sales to June:
* Units closed were down 39%, from 1,365 to 833 closings
* Dollar volume was down 34%, from $434 million to $286 million
* Median sales price was down 6%, from $270,000 to $255,000
* Average market time was flat, at 144 days

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

YTD condo closings up 45% over 2009

In the first six months of this year, condo sales have dramatically increased compared to the first half of 2009. And June closings were up 26% over May.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through June 2010 are:
* Up 42% in total dollar volume, to $1.8 billion
* Up 45% in units closed, to 5,630
* Down 6% in median sales price, to $263,700
* Down 6% in average market time, to 148 days.

Comparing June sales to May:
* Units closed were up 26%, from 1,083 to 1,365 closings
* Dollar volume was up 27%, from $341 million to $434 million
* Median sales price was up 2%, from $264,900 to $270,000
* Average market time was flat, at 144 days

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

YTD condo closings up 55% over 2009

In the first four months of this year, powered by foreclosures, short sales and government subsidies, condo sales have dramatically increased compared to 2009.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through April 2010 are:
* Up 48% in total dollar volume, to $988 million
* Up 55% in units closed, to 3,110
* Down 7% in median sales price, to $260,000
* Down 4% in average market time, to 152 days.

Comparing April sales to March:
* Units closed were up 12%, from 923 to 1,030 closings
* Dollar volume was up 13%, from $290 million to $328 million
* Median sales price was up 4%, from $259,000 to $270,000
* Average market time was down 4%, from 161 days to 154 days

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

YTD condo closings up 51% over 2009

In the first three months of this year, powered by foreclosures, short sales and government subsidies, condo sales have dramatically increased compared to the first quarter of 2009.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through March 2010 are:
* Up 41% in total dollar volume, to $650 million
* Up 51% in units closed, to 2,039
* Down 10% in median sales price, to $256,000
* Down 3% in average market time, to 151 days.

Comparing March sales to February:
* Units closed were up 70%, from 543 to 923 closings
* Dollar volume was up 76%, from $165 million to $290 million
* Median sales price was up 8%, from $239,000 to $259,000
* Average market time was up 10%, from 146 days to 161 days

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

Unit Sales Up 41% Year To Date

Two months into the new year, condo sales are off to a strong start compared to 2009.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first two months of 2010 are:
* Up 30% in total dollar volume, to $356 million
* Up 41% in units closed, to 1,097
* Down 12% in median sales price, to $255,000
* Down 8% in average market time, to 143 days.

Comparing February sales to January:
* Units closed were down only 1%, from 549 to 543 closings
* Dollar volume was down 13%, from $190 million to $165 million
* Median sales price was down 11%, from $270,000 to $239,000, the lowest since March 2003
* Average market time was up 4%, from 140 days to 146 days

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

January Sales Volume Up 32% Over 2009

Compared to January 2009, the new year and the new decade are off to a promising start.

According to figures on Chicago condos closed on the MLS in January, compiled by Midwest Real Estate Data (MRED):
* Total sales volume was up 32%, from $144 million in January 2009 to $189 million in January 2010
* Units closed during the month were up 39%, from 395 to 549
* Average market time was down 8%, from 152 to 140 days
* Median sales price was down 10%, from $299,000 to $270,000
* New listings were up 28%, from 2,202 to 2,822
* Supply was up 16%, from 11.1 to 12.9 months.

For all of 2009, dollar volume was down 32% from 2008, units closed were down 19% and median sales price was down 13%.

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

YTD Sales Improve 8th Consecutive Month

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-end sales of Chicago condos for 2009 are:
* Down 32% in total dollar volume, to $3.1 billion
* Down 19% in units closed, to 10,070
* Down 13% in median sales price, to $270,000
* Up 12% in average market time, to 147 days.

This shows an improving market through the year, in both dollars and units, for eight consecutive months:

End of April: Dollars down 59%, units down 51%
End of May: Dollars down 57%, units down 48%
End of June: Dollars down 53%, units down 44%
End of July: Dollars down 49%, units down 39%
End of August: Dollars down 47%, units down 36%
End of September: Dollars down 44%, units down 33%
End of October: Dollars down 40%, units down 28%
End of November: Dollars down 36%, units down 23%
End of December: Dollars down 32%, units down 19%.

Comparing December sales to November:
* Units closed were down 9%, from 970 to 881 closings
* Dollar volume was down 2%, from $291 million to $286 million
* Median sales price was up 9%, from $252,500 to $275,000
* Average market time was down 11%, from 147 days to 131 days.

Asked for comment on the year-end numbers, former CAR president Dave Hanna, managing partner of SourceOne Realty, offered this assessment:

"While our overall volume in units has been improving, the volume activity is largely at the lower price points in most areas and is being driven by foreclosure sales.

"In the condominium market, the high-end cash buyer is finding highly discounted units (bargains) and the dollar volume of those sales is distorting the average and median sales prices for all condos.

"Until the Chicago market is treated fairly and has a conforming loan limit that allows move-up buyers access to reasonably priced financing, condominium financing guidelines that do not punish condominium buyers and sellers and rational lending criteria are used in creating loans, Chicago is going to continue with lackluster numbers.

"An in-depth look at the Case Shiller index, its background information and its trend lines, will show the true direction of our marketplace. It does not indicate we are anywhere near stability in housing. The market is moving toward stagnation, and the media is interpreting it as stability. When the homebuyer tax credit expires mid-year, and rates push to 6% and beyond (no later than 3rd Qtr 2010), we will see if I am right or wrong."

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