chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 28 Dec 2009 11:40 pm

Chicago Homes Sales Up In November

December 28, 2009 - According to the latest numbers released from the Illinois Association of Realtors, sales of single-family homes and condos in Chicago were up 69.9% in November this year compared to last year. For November 2009, there were 1,859 total home sales compared to 1,094 in November 2008. However, the median price of Chicago homes in November 2009 was down 3.4% to $215,000 compared to the median price of $222,500 in November 2008.

Most experts attribute the increase in sales to the first-time homebuyer tax credit as well as the availability of lower priced distressed properties, foreclosure sales and REOs. With the tax credit deadline now extended into the first half of 2010 it should continue to help Chicago real estate sales to rebound.

Taking a wider look, sales of single-family homes and Chicago condos from January ‘09 to November ‘09 were down 10.4% with a total of 17,633 units sold, according to the same report from the Illinois Association of Realtors. There were 19,681 single-family homes and condos sold in Chicago last year from January ‘08 through November ‘08. The median price year over year was also down 22.9% in that reporting period to $225,000 in comparison to $291,800 for 2008.

Chicago foreclosure sales also probably played a part in quite a few of the November ‘09 sales as well, and will most likely continue to do so into at least part of 2010.

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