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HOME SALES UP ACROSS U.S. IN FEBRUARY? What About Illinois, Chicago?

ILLINOIS HOME SALES INCREASE 15.1% IN FEBRUARY, COMPARED TO JANUARY - BETTERS 2.9% INCREASE IN U.S.

In some ways, the State of Illinois and the Chicago Metro Area have fared better in today's Real Estate Market than the U.S. as a whole.  Some statistics, courtesy of The National Association of Realtors -

  • Across the U.S., the number of condos and homes sold fell 24%, year-to-year, between February, 2007 and February 2008.  In Illinois, home sales dropped 22.7%, to a total of 8,860 units sold.  Here in Illinois, however, units sold increased 15.1 percent between January and February, 2008.  Nationally, the increase was 2.9%.
  • The median price for a home in Illinois was $181,265 at the end of this past February, compared to $192,000 one year prior.  The falloff - 5.6%.  The median price across the U.S. fell 8.2%.
  • In the Chicago Metro Area, including all suburban counties, 4,310 homes and condos were sold in February, 2008,  a 26.9% drop from February, 2007 figures of 5,894. 
  • The Median Home and Condo Price in the Chicago area actually INCREASED year over year, but just a wee bit - to $240,230 in February, 2008, from an even $240,000 one year earlier.
  • City of Chicago Condo Sales dropped 9.7% over the same period - to 1,047 this past February, from 1,160 in February, 2007.  However, the Median Chicago Condo sold for $314,900 - up 10.5% versus February, 2007.
  • Average 30-year fixed Mortgage Rates averaged 5.99 percent here in the Midwest last month, versus a 5.73 percent average last January.  In February, 2007, the same rates averaged 6.25 percent.  Despite the drop in average rates this year, however, far more stringent underwriting standards keep the best rates from those with less-than-sterling credit histories.

In all, the Chicago market is showing greater stamina than the U.S. Real Estate Market as a whole, pointing out comparative price stability, and far less earlier price speculation, here and throughout Illinois.  According to David Hanna, President-Elect of the Chicago Association of Realtors, "We see this increase as further proof of the resilience of the Chicago marketplace."

See more details in yesterday's Chicago Tribune.  Also, see our post yesterday here at BlogChicagoHomes.com for further detail on the national numbers.

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Tuesday, March 25, 2008 2:06 PM by Dean's Team

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