CHICAGO — The median sale price of a condo in Chicago was $304,000 in August, a drop of 1.6 percent from a year ago, a new report says.
Meanwhile the median sale price of a single family home in the city was $222,000 — up 5.7 percent in August of 2015 compared to August of 2014, says the Illinois Association of Realtors.
Overall sales increased: the number of city condos closed was up 8 percent year-to-year; single family homes up 3.3 percent.
Looking at the combined numbers of single family homes and condos in the greater Chicago area, real estate expert Geoffrey J.D. Hewings of the University of Illinois said “the median price of non-foreclosed properties remained virtually unchanged while the median price for foreclosed properties increased, contributing to the modest overall price increase."
Homes in the city sold in August were on the market for 45 days, one day faster than in August of 2014, the report said.
In a news release, Hugh Rider, president of the Chicago Association of Realtors described the time on the market "phenomenally short."
"Buyers have a short window to swoop in and make an offer because there are so many others looking for properties even this late in the selling season," Rider said.
There were 12 percent fewer single family houses and condos on the market in August compared to a year ago.
Comparing August to July, a one-month window, the median price of homes and condos in the city was up 8 percent, to $270,000.
The median price means half were sold for less, half sold for more.
In the Chicago area, the median sales price for a single family home was $235,000 (up 1.3 percent) and $187,000 (up 4.3 percent) for condos.
Nationally, the sales of existing homes fell 4.8 percent in August, compared to August of 2014. The median cost was up 4.7 percent "more than double the increase in average pay," according to an Associated Press analysis.
"This is likely pushing more homes out of reach for many buyers," said the AP.
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