Today we’ll be looking at our year-end numbers for 2018 and what they mean for our market in 2019.
We saw 4,842 condo, townhome, and co-op sales in 2018, which is a 6.4% decrease year over year. Of these sales, 95% were resale transactions. In the downtown area, 83% of sales were homes with two or fewer bedrooms, while 17% had three or more bedrooms.
In regard to specific downtown Chicago areas, the South Loop made up nearly a quarter of all home sales. Streeterville had the fewest sales, but the area’s median sales price jumped up 6.3%. The West Loop area had 11% fewer sales compared to 2017, but its median price has risen by $60,000 since 2015.
Near-term price growth will likely be constrained.
So what does this all mean for you?
Buyers have more choice in 2019 thanks to an increase in home inventory. However, we’re still in a seller’s market, and even with increases in home supply, we’re still near historic lows. Property tax and interest rate hikes are on the horizon, so near-term price growth will likely be constrained.
If you’re thinking of buying or selling in the near future, have any questions, or need more information, feel free to reach out to me. I look forward to hearing from you soon.