Today's Chicago Condo Market

When investing in today’s Chicago condo market, the core factors of real estate investment taken into consideration have become more important than ever. These factors are location, price and amenities. Searching according to this specific criterion is made easy on www.newcondosonline.com. In an undersupplied market, the factors played a smaller role in the selection process. In an oversupplied market, location wins every time. Between this year and next, about 10,000 condominium units will come on the downtown market. In the suburban communities, the same rules apply, leading to pockets of healthy activity in many communities, whether it's new construction, or condo conversions.

Chicago's Gold Coast, comprised of residences in the 60611 zip code remains one of the better markets in the Chicago area. Between January 1 and April 30 of this year, 371 properties sold with a median selling price of $526,000, according to data from Midwest Real Estate Data LLC. That compares with 332 properties selling at a median price of $414,688 during the same period a year ago. Much of today’s current development activity lies in the South Loop condo projects which has proven to hold strong amidst changing market conditions. Sales are up from a year ago while average market time is down and the median selling price has remained relatively unchanged from a year ago. This and other positive data coming from the Chicago condo market proves that calculated decisions pay off in today’s market.