Illinois Condo Sales Remain Strong

Posted by Judy Orr on Wednesday, November 30th, 2005 at 11:55am.

I read an interesting article in an e-mail I received from the Illinois Association of REALTORS®.  Sales of single family homes dropped off 2.9% compared to October of 2004. orland park condo for sale. However, the Illinois condo market has remained strong.  Condo sales were up 10.2% from October, 2004.

I don’t remember condo sales outpacing single family homes.  I certainly could have missed some past statistics but this surprised me.  I guess with the huge price increases we’ve seen in the past 2-3 years, many first-time buyers are simply being priced out of single family homes.  Or, maybe it’s that baby boomers are downsizing.  Could be a bit of both.

The median home price in October went from $184,000 in ’04 to $209,900 this year, a 14.1 percent increase.  However, it is predicted that with higher interest rates the market should start slowing which will also stabilize home prices.  Read the full article here:  IAR Housing Stats (will open a new window)

I’ve already noticed a change from the seller’s market we were seeing, with multiple offers at full price or over, to a buyer’s market, where there is more inventory than buyers.  What is difficult during a transition period like this is trying to get sellers to understand the changing market and price their properties accordingly.

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