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CHICAGO HOME SALES UP IN DECEMBER, Countering National Trend!

ACROSS CHICAGO AREA, FOR 2009, HOME SALES DOWN ONLY SLIGHTLY VERSUS 2008!

Is the Chicago Area Real Estate Market beginning to show signs of stabilizing?

Improving numbers for year-over-year Units Sold - the aggregate for sold condos and single-family homes across the Chicago Metro Area - has been on the upswing since last July.  As a result, this resurgent Second Half, 2009 for home sales means overall units sold here fell only 0.2% from 2008.

According to data complied by the Illinois Association of Realtors, as reported by Mary Ellen Podmolik of The Chicago Tribune, 5,752 single-family detached homes and condos were sold last December.  That's one-third better than home sales during December, 2008. 

IAR figures show a total of 69,290 homes were sold and closed last year.

Unfortunately, however, this Chicago Silver Lining also has a dark cloud.

December prices were still down considerably over year-ago numbers.  The Chicago Area Median Price for December, 2009 for condos and detached homes dropped 10.4% over one year earlier - to $183,000.

Looking at the full year, 2009, the Median Chicago Area Home Price tumbled even more strongly - 18.3% versus 2008.  The one-year aggregate Median Price in the area was $196,000 at year end.  One likely culprit - staggeringly-high levels of bank-owned foreclosed properties, as well as homes selling for deep discounts via Short Sale. 

Statistically, a "median" is the level at which half of the units sold were priced above, and half below.

In terms of Units Sold, the strongest year-over-year sales gains occurred in Cook County, the county which includes the City of Chicago. Despite a 10.7% county wide drop in Median Home Price last December, Cook County saw a 43% in units sold versus December, 2008.

Units Sold figures for the Suburban IL Counties surrounding Chicago - Lake, DuPage, Kane, McHenry, Will, and Grundy - also showed significant gains in Units Sold in 2009 versus 2008. 

Here in the City of Chicago itself, 2009 totals were considerably more subdued

For the year, Chicago Condos and Home Sales dropped 7.4% , to 19,401 Units.  The 2009 Median Home Price in the city - $225,000 - a 22.4% decline versus 2008.

The extension of Home Buyer Credits to First Time and some Repeat Home Buyers to include properties under contract before April 30, 2010 may spike home sales through early 2010.  However, high IL and Chicago Unemployment Figures - statewide, at 11.1%, considerably above the U.S Average, may temper interest among potential buyers.  Further, IL has shown 24 months of continued job declines through last month.

Across the U.S., according to Wall Street Journal Reporter Jeff Bater, existing home sales fell 16.7% in December, versus economists expectations of an approximate 11.6% fall off.  High rates of unemployment continue nationwide, dampening housing market recovery.  At the same times, lenders continue to tighten credit requirements for new home loans.

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Wednesday, January 27, 2010 11:51 AM by Dean's Team

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