Chicago Condo Statistics

If you're wondering how 2007 stacks up to other years regarding the total number of homes sold nationwide, here's a statistic you probably won't see in the media: It's in the Top Five.

That's right. When the last of the 2007 sales numbers are in, probably sometime in January, 2008, the National Association of Realtors (NAR) estimates 5.67 million homes will have sold this year, making it the fifth largest volume since record keeping began.

NAR predicts a slight increase for 2008, and then a quickening of the sales pace for 2009. Many analysts who are independent of the real estate industry are making similar forecasts.

As for Chicago-area sales of condos, the number sold in the third quarter of 2007 was 11,746, down from 14,193 during the same period of 2006. However, the median condo price was up almost five percent over that same period in 2006: $233,000 compared to $222,100, according to the Illinois Association of Realtors. Median price means half the condos sold for more and half sold for less.

Look for fourth-quarter 2007 statistics in early 2008. We'll be sure to report them right here.