Dollar volume down 36% YTD, down 8% from January

In the first two months of 2011, city condo dollar volume dropped 36% compared to the same period of 2010. Volume in February was also down 8% compared to January.
According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, YTD sales of Chicago condos through February 2011 are:

* Down 36% in total dollar volume, to $226 million
* Down 5% in units closed, to 1,039
* Down 31% in median sales price, to $177,000
* Up 30% in average market time, to 186 days.

Comparing February sales to January:
* Units closed were down 2%, from 517 to 508 closings
* Dollar volume was down 8%, from $138 million to $127 million
* Median sales price was up 3%, from $177,000 to $182,500
* Average market time was up 12%, from 176 to 197 days.

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