According to publish reports, the 2011 Chicago home sale totals increased slightly. The Chicago real estate market saw a 1.3% increase for the area giving real estate some hope that 2012 will see things continue to grow. However, sales within the city fell 7.2% for the year. For the year, the medium home price declined by 11.9 percent and 13.8 percent for properties within the city.
For those in the condo market, Chicago real estate agents report median condo prices at $183,000, which is down from a year ago. Median single family homes fell to $135,000. Agents are explaining the drop in these prices due to a flow of real estate properties being sold through the foreclosure and short sale markets. As those markets continue to extract more people its only natural that home prices will continue to decrease. Realtors believe that there are many distressed properties that will work their way through the foreclosure market in the new year that should have been earn marked for the previous year due to the court system being so bogged down. So any upward movement in prices cannot be realized until these distress properties are out of the system.
Contributing to the price declines is the belief that If you wait long enough you will get a better price to buy. So the demand is not there to force buyers to act fast, according to many Chicago Real Estate Agents.