January 31, 2017 - By Fran Bailey
The Chicago Case-Shiller Condominium Index for November was 136.2. The index was up 1.7% from November 2015. It's back to its December 2003 level. It hasn't been back to a 2003 level since March 2016. The condo index was down 2.2% from the October index. Last year the index fell 0.7% from October to November. A drop in November is not unusual since the index typically pulls back after the busy spring and summer markets.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 2000 – November 2016
WHAT THIS MEANS FOR BUYERS
Take advantage of the softer winter market. You still need to be ready to buy when you find a condo you want. 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 to go.
WHAT THIS MEANS FOR SELLERS
Don't price your condo above market. 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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