Dec
22

Mixed News on the Chicago Area Real Estate Front

December 22, 2010

The latest numbers involving the Chicago real estate market were unveiled today.

Among the results of the Illinois Association of Realtors’ latest report:

Chicago

*Year-to-date total home sales were up 0.1 percent from January through November 2010 compared to the same time last year.

*November 2010 home sales were down 38.5 percent compared to total home sales in November 2009.

*Year-to-date median sales price, at $208,000, is down 7.6 percent in November 2010 from the November 2009 price of $225,000.

Chicagoland

*Year-to-date total home sales were up 0.3 percent compared to the same time last year.

*November 2010 home sales were down 34.3 percent from November 2009.

*Year-to-date median sales price, at $186,000, is a 5.8 percent decrease from $197,500 in 2009.

Illinois

*Year-to-date total home sales were down 3.5 percent compared to the same time period in 2009.

*November 2010 home sales were down 34.5 percent from November 2009.

*Year-to-date median price, at $153,000, declined 2.8 percent from $157,412 in 2009.

price reduced sign“November home sales reflect the consumers’ cautious mood about the economy and jobs combined with normal seasonal slowdown in activity and a sizable impact from the tax credit that ramped up home sales a year ago due to the original tax credit deadline of November 30,” said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of REALTORS®. “Current affordability conditions remain high for home buyers and it is positive to note how the statewide median price has remained steady for the past three months.”

The Illinois unemployment rate dropped to 9.6 percent in November, the eighth month of improvement compared to the national unemployment rate, which increased in November to 9.8 percent.

“Over the last 12 months through November 2010 Illinois added 32,900 jobs at a rate of 0.59 percent, the largest monthly year-over-year increase since December 2007,” said economist Geoffrey J.D. Hewings, the Director of the Regional Economics Applications Laboratory at the University of Illinois.

Half of all Illinois counties reporting posted a median price increase or no change in November 2010 compared to November 2009 including:

*DuPage: Up 0.9 percent to $215,000

*McHenry: Up 2.5 percent to $175,000

*Peoria: Up 19.5 percent to $133,250

*Winnebago: Up 2.6 percent to $102,600

But there are still deals to be had.

“Current affordability conditions remain high for home buyers,” said Whitehurst, “and it is positive to note how the statewide median price has remained steady for the past three months.”

About The Author

Tracey

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2 Comments

1

Hopefully the increase in jobs is not due to temp employment. Many employers still afraid to give full time jobs with benefits are turning towards temp employment. Hopefully a few months of strong economic data, instead of not as bad as expected, can and will result in strong employment for the long term. Only when employment is strong and we have increases in payroll and salary will housing turn competetive and begin to see growth.
Ryan Chicagolandrto.com

2

[...] Chicago home prices hover around where they were back in 2002 after a drop in value in October. [...]

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