Chicago area home sales still going up. December a good month!

Posted by ChicagoismynewBlog! on January 26, 2010

Awesome news once again.  Even though, in the end, 2009 as a whole was flat, I’m taking that as a win because we all know it could have been much worse…haha.  If you’re looking to buy a home, sell your current place, or even if you know someone who’s looking to rent a place, send me a message to my @properties email:

Local home sales up in December, flat for 2009

By: Staff Jan. 25, 2010

(Crain’s) — Chicago-area home sales rose 33% in December compared with the same month last year and were essentially flat for the full year, according to the Illinois Assn. of Realtors.

Below is a monthly year-over-year comparison of home sales (single-family and condo) in the nine-county Chicago area.
Month 2009 2008 Change
January 2,965 3,927 -24.5%
February 3,082 4,326 -28.8%
March 4,260 5,759 -26.0%
April 4,747 6,094 -22.1%
May 5,634 6,927 -18.7%
June 7,140 7,806 -8.5%
July 7,427 7,408 0.3%
August 7,009 6,917 1.3%
September 6,862 6,477 5.9%
October 7,286 5,467 33.3%
November 6,826 3,978 71.6%
December 5,752 4,320 33.1%
Full year 69,290 69,406 -0.2%
Source: Illinois Assn. of Realtors

Median prices, however, fell sharply last year both in the region and the city.

For all of 2009, 69,290 homes sold in the Chicago area, down a scant 0.2% from 2008, the Realtors said in a release Monday.

That’s a major improvement from 2008, when local sales fell almost 26% compared with 2007.

In December 2009, home sales rose 33.1% locally, to 5,752 compared with 4,320 in December 2008, the sixth consecutive month that area sales increased over the year-ago month.

“In 2009, we saw demand primarily for lower-priced homes from first-time buyers in addition to short sales and sales of foreclosed homes,” Mike Onorato, president of the association and broker-owner of Onorato Real Estate in Coal City, said in the release. “There is opportunity now for the move-up buyer to take advantage of the tax credit that ends April 30 and lower mortgage interest rates, which many analysts expect to rise by mid-year.”

Last year, sales in the city of Chicago fell more sharply than in the entire Chicago area. In the city, 2009 sales fell 7.4%, to 19,401 compared with 20,946 in 2008.

In December alone, city sales rose 39.8%, to 1,768 compared with 1,265 in December 2008.

The median price plunged last year in both the Chicago area and the city. The Chicago-area median — the price at which half the homes sell for more and half for less — dropped 18.3%, to $196,000, compared with 2008….

Check out the full Crain’s Chicago Business article by clicking HERE!


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