April 24, 2018 - by Fran Bailey
The Case-Shiller Chicago Condo Index for February was 144.1 up 4.0% from February 2017. The condo index was down 0.4% from January. The index typically rises from January to February as part of its annual cycle. So the month to month change is atypical..
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 over 3 years now. It rose above the house index in November 2014 and has stayed above every month since. It's currently 4.9% above the index for houses.
Chicago Case-Shiller Indices January 2003 – February 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
As we come out of the slower winter season you still need to be ready to buy when you find a condo you want as you may encounter competing offers. This will be especially true for condo buyers. 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 from the past 6 months.