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 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.

YTD Sales Improve 6th Consecutive Month

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first ten months of 2009 are:
* Down 40% in total dollar volume, to $2.5 billion
* Down 28% in units closed, to 8,133
* Down 13% in median sales price, to $275,000
* Up 14% in average market time, to 149 days.

This shows an improving year-to-date market, in both dollars and units, for six 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%.

Comparing October sales to September:
* Units closed were up 7%, from 973 to 1,037 closings
* Dollar volume was up 8%, from $285 million to $306 million
* Median sales price was down 4%, from $266,500 to $255,000
* Average market time was down 12%, from 148 days to 130 days.

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

YTD Sales Improve 5th Consecutive Month

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first nine months of 2009 are:
* Down 44% in total dollar volume, to $2.2 billion
* Down 33% in units closed, to 7,073
* Down 13% in median sales price, to $276,000
* Up 16% in average market time, to 151 days.

This shows an improving year-to-date market, in both dollars and units, for five 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% .

Comparing September sales to August:
* Units closed were down 6%, from 1,030 to 973 closings
* Dollar volume was down 10%, from $317 million to $285 million
* Median sales price was up 1%, from $263,900 to $266,500
* Average market time was down 1%, from 149 days to 148 days.

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

YTD Sales Improve 4th Consecutive Month

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first eight months of 2009 are:
* Down 47% in total dollar volume, to $1.9 billion
* Down 36% in units closed, to 6,060
* Down 12% in median sales price, to $279,000
* Up 16% in average market time, to 152 days.

This shows an improving year-to-date market, in both dollars and units, for four 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%.

At $263,900, the median sales price for August is the lowest monthly median since January 2006.

Comparing August sales to July:
* Units closed were down 2%, from 1,050 to 1,030 closings
* Dollar volume was down 5%, from $333 million to $317 million
* Median sales price was down 8%, from $285,500 to $263,900
* Average market time was up 6%, from 140 days to 149 days.

Asked to comment on the year-to-date statistics, Dave Hanna, president of the Chicago Association of Realtors, had this to say:

"I do think we are at the bottom of the market, but not sure if this is true for type 2 housing (condos). Too many unknown and unfavorable factors relating to financing and risk evaluation by lenders using national data to make (poor) decisions about the viability of the market here for this housing.

"The FHA guideline changes and continual pressure to upgrade our market to category II from category III (lower rates on loans, less chance for an adjustment in appraised value based on market conditions) and a sliver of hope that the conforming loan limit for Chicago PMSA will be raised could make life better for condo owners and buyers.

"The refusal of more and more sellers to accept the so-called current market pricing for their homes is why we are at the bottom. Inventory is shrinking due to homes going off the market unsold, and sellers not re-listing at a lower price.

"Median sale price has plunged due to fire-sale pricing on foreclosures, which are over 40% of the overall market in terms of unit sales YTD.

"In case you can't tell," Dave added, "I am 'mad as hell and not going to take it anymore' and I don't think I am alone on this."

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

YTD Sales Improve 3 Consecutive Months

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first seven months of 2009 are:
* Down 49% in total dollar volume, to $1.6 billion
* Down 39% in units closed, to 5,000
* Down 12% in median sales price, to $283,000
* Up 16% in average market time, to 152 days.

This shows an improving year-to-date market in both dollars and units for three 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%.

Comparing July sales to June:
* Units closed were flat, at 1,050 in both June and July
* Dollar volume was up 1%, from $330 million to $333 million
* Median sales price was up 1%, from $283,000 to $285,500
* Average market time was down 13%, from 161 days to 140 days.

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

Local Agent Sets Forbes Straight

On her blog, Live and Play in Chicago, top-producing agent Jennifer Ames, takes aim at Forbes' coverage of Chicago's real-estate market, particularly Lincoln Park:

Unfortunately, as with any interaction with the media, there’s the risk of having one’s comments taken out of context, and that is precisely what happened in my July 2009 interview with Stephane Fitch for his Forbes magazine story entitled “America’s Most Troubled Luxury Neighborhoods.”

Fitch distilled our 30-minute interview into two quotes that, out of context, contradict the key points I made in our interview.

So, I’d like to set the record straight: Chicago’s Lincoln Park is not a “troubled” neighborhood. While I cannot comment on the other neighborhoods mentioned in his story, I disagree with his assertion that home prices in Lincoln Park are on the verge of “collapse.”

Lincoln Park has fared better than most other neighborhoods during the current adjustment and is poised to recover faster.

For details, click here.

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.

YTD: Dollars Down 57%, Units Drop 48%

According to figures generated by MRED, the regional MLS, year-to-date sales of Chicago condos are:
* Down 57% in total dollar volume, to $914 million
* Down 48% in units closed, to 2,805
* Down 13% in median sales price, to $280,000
* Up 23% in average market time, to 156 days.

Comparing May sales to April:
* Units closed were up 19%, from 645 in April to 766 in May
* Dollar volume was up 18%, from $202 million to $239 million
* Median sales price was down 0.3%, from $280,000 to $279,000
* Average market time was down 8%, from 161 days to 148 days.

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

Median Price Down 15% From May '08 High

For April 2009, the median sales price of Chicago condos was down 15% from its all-time monthly high, recorded in May 2008.

That finding comes from statistics compiled using figures from Midwest Real Estate Data (MRED), the region's multiple listing service.

According to the MRED data, the median sales price of condos sold in April 2009 was $280,000, compared to $329,000 in May 2008. From January 2003, the earliest month for which we have figures, the median price in April 2009 was up 28%, from $218,500.

At its May 2008 peak, the median price was up 51% from our January 2003 starting point.

The monthly medians are tracked and shown in the graph and the chart below. This information will be updated each month and available in Market Overview on ChicagoCondosOnline.com.

ARC: 42% of New Downtown Units Unsold

YoChicago reports today on the latest statistics from Appraisal Research Counselors (ARC), which monitors the downtown condo market:

Of the 5,389 downtown condos under construction and set for delivery between this year and 2011, just 3,139, or 58 percent, are currently under contract.

Almost 4,700 new homes will be completed in the downtown area this year, less than 2,000 of which, or 42 percent, remain unsold. At least 700 more homes will be finished in 2010 and 2011, 39 percent of which still are not under contract.

For more details, see this report from the Chicago Tribune.

Bob Darrow on Lincoln Park, Lakeview Markets

In the above video, @properties agent Bob Darrow offers keen insights into the real-estate markets in Lincoln Park and Lakeview.

Best Source for Chicago Condo Market Data

For the most-comprehensive, reliable and up-to-date statistics on the Chicago condo market, visit Market Overview on ChicagoCondosOnline.com, "The Ultimate Condominium Resource."

Updated the first week of every month, this overview provides year-to-date, year-over-year and month-over-month statistics from the official source: the database of Midwest Real Estate Data (MRED), the multiple listing service for Chicago and all of northern Illinois.

The data include median sales price, new listings, actives, closings, total dollar volume, average market time and supply.

Among the unique features of Market Overview are three interactive maps showing 2008 sales and median price in all 77 of Chicago's areas (neighborhoods).

The map below, for example, shows where each area ranked in sales and median price in 2008 and links users to an in-depth profile of each area. (To see how an area ranks, place your cursor over the area and look in the box at the lower left corner.)



Sample tables from the current Market Overview:

Year Over Year (April 2009 – April 2008)

Category	April 2009	April 2008	Change
Closings	645	1,148	-44%
% Condo Closings	47%	62%	-24%
Median Sales Price	$280,000	$320,000	-13%
Avg. Days on Market	161	123	+31%
New Listings	2,825	4,464	-37%
Supply	12.4 months	9.4 months	+32%
Total sales volume	$202 mil	$441 mil	-54%

Month Over Month (April 2009 – March 2009)

Category	April 2009	March 2009	Change
Closings	645	563	+15%
% Condo Closings	47%	47%	+0%
Median Sales Price	$280,000	$280,000	+0%
Avg. Days on Market	161	157	+3%
New Listings	2,825	3,155	-10%
Supply	12.4 months	12.7 months	-2%
Total sales volume	$202 mil	$187 mil	+8%

The widget below, updated each month, shows year-to-date statistics. (To display this widget on any Web site or blog, send your request for the code to Ric14@ChicagoCondosOnline.com.)



To receive a monthly update on Chicago's condo market by e-mail: Send your request to Ric14@ChicagoCondosOnline.com.

MRED: Dollars Down 59%, Units Drop 51%

According to figures released today by MRED, the regional MLS, year-to-date sales of Chicago condos are:
* Down 59% in total dollar volume, from $1.6 billion to $668 million
* Down 51% in units closed, from 4,128 to 2,012
* Down 11% in median sales price, to $281,000
* Up 24% in average market time, to 158 days.

Comparing April sales to March:
* Units closed were up 15%, from 563 to 645
* Dollar volume was up 8%, from $187 million to $202 million
* Median sales price was unchanged, at $280,000
* Average market time was up 3%, from 157 days to 161 days.

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

MRED: Closings Drop 54%, Dollars Down 60%

According to figures released today by Midwest Real Estate Data (MRED), our regional Multiple Listing Service, unit sales of Chicago condos are down 54% year to date, while total dollar volume is down 60%. Median sales price is down 9%.

From January 1 through March 31, the number of units closed in the city total 1,349 in 2009 compared to 2,920 in 2008. The dollar volume for those units dropped to $462 million so far this year compared to $1.158 billion last year.

Comments Dave Hanna, president of the Chicago Association of Realtors:

"Multiple forces at work here. Lowest percentage of total sales that are 'Distressed property' (foreclosures and short sales) by property type: Condominiums. Most active category of sales, all housing types: Distressed properties. Investors are looking to: Distressed property.

"Add in the challenges of financing with FHA (no loans to associations of four units or less and no loans to associations with the Right of First refusal), Fannie and Freddie (arcane new lending requirements tied to occupancy and delinquency in assessments strangling new-construction projects and recently sold buildings) and it is not a surprise to see the numbers for condos drop as homebuyers look elsewhere for a place to live with more options for financing."

For condos closed year to date, the median sales price is $285,000, down 9% from 2008. Average market time: 155 days, up 21%.

Comparing March sales of Chicago condos to February sales, one finds a brighter picture, influenced by seasonal upticks:
* Units closed increased by 47%, from 384 to 563
* Dollar volume was up 44%, from $130 million to $187 million
* Median sales price increased by 1%, from $278,000 to $280,000.

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.