Mixed News For Chicago Condo Sellers
January 13th, 2010 categories: Chicago Real Estate News
Trying to sell a condo in Chicago? I have good news and bad news for you.
According to statistics released by ChicagoCondosOnline.com, it’s still a challenge to sell a condo in the city. However, it’s not as challenging as it was in the middle of 2009.
In other words, the Chicago condo market, while still sluggish, is getting healthier.
According to data prepared for ChicagoCondosOnline.com, Chicago condo sales in 2009 were down 32 percent in total dollar volume from 2008. For the entire year, the city saw $3.1 billion worth of condominiums sold.
Chicago condo sales were down 19 percent in units closed, to 10,070, while they were down 13 percent in median sales price, a figure that came in at $270,000 for the year.
These numbers may seem depressing. But they do represent what looks like the beginning of a turnaround in the city condominium market. Earlier in 2009, things were much worse.
For instance, at the end of April, the dollar amount of condos sold in the city was down 59 percent from the same period one year earlier. At the same time, the number of units sold was down 51 percent.
This means that condo sales began to pick up gradually after April.
It’s too early to tell whether sales will continue to improve as 2010 moves along. I certainly hope they do. A vibrant condominium market is one of the keys to the long-term stability of the Chicago economy.
If you’re selling a condo now, though, you’ll have to do everything you can to make it stand apart from the many other units clogging the market. This starts with pricing; make sure you work with a knowledgeable REALTOR® to set the correct price on your unit. Then make sure that your unit shows as well as possible. Give it a fresh coat of paint, if necessary. Store some of your furniture and personal items in a storage unit to make your condo look larger. You may even work with a professional stager to make sure that your unit looks amazing when sellers come to tour it.
It’s still no easy task to sell a condominium in Chicago, even if you’re selling in desirable neighborhoods such as Lincoln Park, Lincoln Square, Lakeview, Roscoe Village and Ravenswood. Do everything you can to make your unit as appealing to as many potential buyers as possible.
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