Dollar volume down 27% YTD, also down 49% from December

In the first month of 2011, city condo dollar volume dropped 27% compared to January 2010. Volume in January was also down 49% compared to December.
According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, YTD sales of Chicago condos through January 2011 are:

* Down 27% in total dollar volume, to $138 million
* Down 6% in units closed, to 517
* Down 34% in median sales price, to $177,000
* Up 26% in average market time, to 176 days.

Comparing January sales to December:
* Units closed were down 29%, from 725 to 517 closings
* Dollar volume was down 49%, from $268 million to $138 million
* Median sales price was down 18%, from $215,000 to $177,000
* Average market time was up 8%, from 163 to 176 days.

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