CHICAGO — Condo sales and prices in the city of Chicago increased by double-digit percentages in August compared to a year ago, a new report says.
In Chicago, the median price for a condo in August was $282,250, according to an Illinois Association of Realtors report released Thursday. That figure was 17.6 percent higher than August 2012.
The number of condo units sold in August was 1,775 — 23 percent higher than a year ago, the report said.
Overall, the median price of a home in Chicago, including single family structures and condos, was $245,000, a 22.5 percent year-to-year improvement.
Homes are also selling faster. In August of last year, homes were on the market an average of 74 days. Now, the average time on the market in the city was 47 days.
"In the city of Chicago, we continue to see condo sales drive our market," Zeke Morris, president of the Chicago Association of Realtors, said in a statement.
In the Chicago area, the median price of all homes was $197,500, up 16 percent from August 2012, the Realtor report said.
Statewide, "the spring and summer selling season was quite strong, and the data suggest continued momentum into the fall," said Michael D. Oldenettel, president of the state group.