Aug
10

Chicago Real Estate Sales Expectedly Down

August 10, 2011

The sale of homes in Illinois and the Chicago area fell in the second quarter of this year, but to truly gauge the condition of the Chicago real estate market, we are going to have to wait for third-quarter results.

According to the Illinois Association of REALTORS, total existing home sales around the Chicago metropolitan area were down 16.6 percent in the second quarter of 2011 compared to the second quarter of 2010.

In the city of Chicago, second-quarter home sales were down 23.7 percent compared to the same period last year.

The state of Illinois as a whole marked an 18 percent decrease in homes sold in year-over-year sales during the second quarter.

home with a price reduced sign atop a for sale signMedian home sale prices also took a hit:

*Chicagoland: The median price in the second quarter of 2011 was $170,000, down 13.3 percent from $196,000 in the second quarter of 2010.

*City of Chicago: Median price was $190,000, down 17.4 percent from $230,000 last year.

*Illinois: Median price was $142,000, down 11.3 percent from last year’s $160,000.

Concerning, but you need all the facts: The second quarter of last year saw an increase in activity due to the Federal Home Buyers Tax Credit.

“The third quarter of 2011 will be a good time to check the recovery status of the housing market, recalling that the third quarter of 2010 was a period in which the effect of the housing stimulus program faded away,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

“Six out of 10 Illinois metropolitan statistical areas are forecast to have positive annual median price changes in the third quarter. The positive annual median price changes are a sign for recovery of some housing markets.”

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