In the first six months of 2010, Chciago condo sales have dramatically increased compared to the first half of 2009. And June closings were up 26% over May.
According to figures generated by MRED, the regional MLS, year-to-date sales of Chicago condos through June 2010 are:
Up 42% in total dollar volume, to $1.8 billion
- Up 45% in units closed, to 5,630
- Down 6% in median sales price, to $263,700
- Down 6% in average market time, to 148 days.
Comparing June sales to May:
- Units closed were up 26%, from 1,083 to 1,365 closings
- Dollar volume was up 27%, from $341 million to $434 million
- Median sales price was up 2%, from $264,900 to $270,000
- Average market time was flat, at 144 days
The Home Buyer Tax Credit expired April 30. These purchases had closing deadlines of June 30 which may be the reason for the dramatic incrase in sales for the first half of 2010. The second half of the year will be a better indication of where the market is heading.
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