Chicagoland Home Sales Volume Up From July 2008

August 18, 2009

ChicagoExteriorFinally, after literally years of negative news and mortgage data, the latest from Midwest Real Estate Data LLC reports that July 2009  month sales are up for the first time in 2 years. Compared with July 2009 to July 2008 month time periods showed the first increase of sales for the month with 7,828 homes sold. However, the median sales price of a home in July 2008 was $249,000 and now averages $208,700, a considerable but yet also moderate compared to national averages, 16.6% less in one year.

Reported by the Chicago Tribune and many other local outlets, the bottom of the market seems to have been reached by a consensus of real estate experts.  The largest contributor to the depressed values seems to be the amount of foreclosure transactions and short sales.  According to Re/Max International Chairman Dave Liniger, while in Chicago Monday, some 37 percent of local properties sold last month were either foreclosures or short sales.  Once this trend lessons and unemployment figures begin to improve, values can be expected to remain lower for the time being.

Toll Brothers have announced an increase in new home starts for the first time in four years, a sign the new home construction  industry is turning toward calmer waters.  However, many industry experts warn that there could be a surge of buyers, investors and first-time buyers, due to the soon-to-be-expiring $8,000 federal tax credit.  Some fear that once November 30th comes and goes, the real estate market could cool again.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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