In my post from yesterday I wondered what the price difference is on units that are shorts sales vs. non-short sales. As I was digging in, I realized there aren't enough short sales in the market to get good data. But I did do a quick analysis anyway. Here's what I found:
Short sales by the numbers (Chicago north side, condos):
- 3.84% = percentage of short sales listed
- 5.40% = percentage of total sales since 01/01/2009 that are short sales
- $226,250 = median price of non-short sale 1-bedroom on the north side
- $224,500 = median price of short sale 1-bedroom on the north side
To conclude:
- Short sales represent about 1 in 20 sales
- Short sales represent about 1 in 25 listings
- You can save about 1% if you buy a short sale
Back to our regularly scheduled analysis...
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