Chicago New Homes and Condo Sales Remain Strong

November 21, 2012

chicago new home and condo salesChicago new homes sales rose 23 percent from September of last year, according to the National Association of Realtors. Single-family home and condo sales totaled 7,484 at the national level, the highest number in six years. In Chicago, single-family home and condo sales totaled 1,845 and Chicago condo sales increased 32.2 percent from September 2011.

The median sales price for a home in the city of Chicago is currently $188,000, a 0.6 percent decrease from September. Suburban Chicago homes are at an average price of $160,000, which is unchanged from the September numbers.

The two factors propelling the home sale increase are low mortgage rates and a large volume of foreclosed properties. Foreclosed and underwater properties continue to sell at competitive prices in the Chicago area, and mortgage rates remain at 3.37 percent.

Illinois had the highest foreclosure rate in August, but lenders and realtors are hoping to get rid of the foreclosure backlog by early 2013.

Chicago rent prices are also at their highest level in four years, which is pushing more home buyers into the market.

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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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