Nov
23

Year-to-Date Chicago Home Sales Improve

November 23, 2010

Chicago-area home sales are up for the first 10 months of 2010 compared to the same time last year.

The Illinois Association of Realtors released its latest report to show that sales of home in Chicago and its surrounding suburbs increased 4.6 percent from January through October 2010 compared to the same time in 2009.

Picture of a sign that reads Condos for Sale on a building in ChicagoAcross the state, year-to-date home sales are up 0.1 percent.

The numbers comparing this October to last year’s October weren’t as pretty, so we’re going to skip those entirely and move on to home prices.

The statewide median home price from September to October remained at $145,000 but was down 6.5 percent compared to October 2009.

In the Chicago area, the median home price was $177,000; a 6.8 percent decrease from $190,000 in October 2009.

In the city of Chicago, the median price was $183,000, a 14.9 percent decrease from the $215,000 in October 2009.

On the plus side, more than half of Illinois counties reported either no change or an increase in October 2010 median home prices compared to October 2009, including:

*DuPage: Up 5.3 percent to $231,500

*Kendall: Up 5.2 percent to $182,000

*Lake: Up 4.1 percent to $205,000

*McHenry: Up 1.1 percent to $174,950

“Like the rest of the nation, the Illinois housing market is feeling pressure from an uncertain economy exacerbated by the cloud surrounding foreclosures as we wait out the process and return to a new normal residential real estate market,” said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of REALTORS®.

“Still the fact remains that the opportunities available now to find an affordably priced home at low-interest financing are substantial, especially for those looking at the long-term benefits of homeownership.”

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Tracey

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1 Comments

1

It appears activity has began with an increase, in the month of November. We are hoping that is good news for the remainder of 2010. It may be that many waiting for the “bottom to drop”, have decided they are out of time, if they would like to make a purchase by year end. This is great news for agents, who may want to stick around for the holidays, and take advantage of the unusually high activity. Pricing is still affordable and interest rates are extremely low, so incredible opportunities are available right now.

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