Chicago Condos Online has some numbers of note: Condo sales for the first two months of 2010 are up 30 percent in total dollar volume, to $356 million. The amount of units closed was up 41 percent to 1,097, and average market time was down 8 percent to 143 days.
So what does it all mean? Hard to say. Most likely it means that buyers are taking advantage of depressed prices and federal tax cuts and getting in on some good deals.
Whether that trend will continue in the near future is harder to say. The rallying stock market is a positive sign, as are the signs of slight economic growth. On the other hand, unemployment is still near 10%, and until that number improves, the market will grow in fits and starts.
Still, the above news is good for sellers, because it appears that more folks are buying instead of just looking. For buyers, this is a sign that waiting may mean paying a higher price.
While the market may be starting to improve, there is still a long way to go. Every recovery starts somewhere, though, and maybe this is that start.
[Source: Chicago Condos Online]