June 26, 2018 - by Fran Bailey
The Case-Shiller Chicago Condo Index for April was 147.8 up 3.4% from April 2017. The condo index was up 1.4% from March. The index typically rises from March to April as part of its annual cycle.
This is the first time the condo index has been above 147 since November 2008. It hit a low of 97.3 in March 2012.
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.
The Chicago Condo Index has outperformed Chicago's house index for 3 1/2 years now. It rose above the house index in November 2014 and has stayed above every month since. It's currently 4.2% above the index for houses.
Chicago Case-Shiller Indices January 2003 – April 2018
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 home you want as there might be competing offers. This will be especially true for condo buyers. If you will be getting a mortgage, get your mortgage pre-approval before you start seeing homes. If you're paying cash, get a proof of funds letter from your accountant or banker ready.
WHAT THIS MEANS FOR SELLERS
If your home is priced right when it goes on market, it should sell within a few months. Luxury homes do take longer. House sellers should resist the urge to price aggressively in the summer market. Most buyers have to finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales for the past 6 months. If you're considering selling your home, contact me for a free market analysis