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By Danny Leung, Baird & Warner — Lincoln Park, Chicago
I work two markets — Chicago and Washington, DC — and this fall they are telling opposite stories. In DC, condos are sitting: nearly five months of supply, sellers negotiating, prices soft at the entry level. In Chicago, condos are doing the opposite. If you own a Chicago condo, this is your market. If you're trying to buy one, bring your best offer and a sharp pencil for the building's finances.
What the numbers say
Prices are up, supply is down. Chicago condo median sale price hit $420,000 in August, up 8.2% year over year (Illinois REALTORS® / MRED). The MLS's own September tracker (Infosparks) puts the city condo median at $406,000, up 6.8%, with just 1.9 months of supply — down more than 20% from a year ago — and a median market time of only 15 day...
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