August 29, 2017 - By Fran Bailey
The Chicago Case-Shiller Condo Index for June was 145.7, up 3.7% from June 2016. The condo index was up 0.9% from the May 2017 index. June indexes are typically higher than May indexes since the market is in the busy spring season. The Chicago condo index has outperformed the house index since January 2015. In June it widened the gap even more reaching 3.9% above the index for houses. The Case-Shiller Condo Index for Chicago is based on resales of condos in the Chicago Metro Area. It's published with a 2 month lag.
Chicago Case-Shiller Indices January 2003 – June 2017
The Case-Shiller Chicago Indices reported here are part of the Standard & Poors Corelogic Case-Shiller Chicago Home Price NSA Index. Instead of calculating a median sale price the indices use a repeat sales method. It analyzes sales data for properties with 2 or more recorded sales transactions. Sales between family members, properties with significant physical changes and sales data that appear to be erroneous are eliminated.
WHAT THIS MEANS FOR BUYERS
You need to be ready to buy when you find a condo you want as you may encounter competing offers. If you will be financing your purchase, get your mortgage pre-approval before you start viewing condos. If you're paying cash, get a proof of funds letter from your accountant or banker ready.
WHAT THIS MEANS FOR SELLERS
If your condo is priced right when it goes on market, it should sell within a few months. Luxury condos do take longer. Most buyers have to finance their purchase. Your condo will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales.
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