Jan
26

Chicago Home Sales Gain Momentum for Third Straight Year

January 26, 2011

Home sales in the metro Chicago real estate market posted their third consecutive annual increase in 2010.

Data released Wednesday showed that 69,251 homes sold in the seven-county metro Chicago area in 2010 compared to 68,999 in 2009. That’s a 0.4 percent increase.

The information comes via RE/MAX Northern Illinois through data provided by MRED, LLC. While the increase is minimal, it’s still a move in the right direction.

“Sales were meaningfully higher in December than in either October or November, which is both unusual and a sign that the market is gaining traction,” said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network.

A further breakdown of 2010:

*Home sales in the metro area outside the city increased 1.1 percent over 2009.

*Sales in Chicago fell 1.3 percent.

*Sales of detached homes rose 1.3 percent including a 1.7 percent increase in the suburbs and 0.1 percent decrease in the city.

*Sales of attached homes fell 1.3 percent including a 0.5 percent decrease in the suburbs and a 2.2 percent drop in Chicago.

The three-year gain:

In 2008, there were 68,128 homes sales; in 2009, 68,999; and in 2010, the number of homes that sold were 69,251. That’s a total increase in annual sales of 1.6 percent. You can’t attribute the homebuyer’s tax credit to that.

“We had some major differences, both increases and decreases, when you compared sales on a month-to-month basis, but looking at the full-year performance of the Chicago area housing market, you’d have to say home sales over the last three years were essentially identical. I can’t recall another three-year period when home sales fluctuated within such a small range,” said Merrion.

“Because that three-year span includes the entire period during which the home buyer tax credit was in effect, it is tempting to conclude, though hard to prove, that the tax credit effectively moved sales forward rather than generating a significant number of sales that wouldn’t have occurred otherwise.”

Let’s hope for home sales to hit six figures throughout Chicago in 2011.

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Tracey

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