chicago-condos pcherry on 12 Aug 2010 03:52 pm
August 12, 2010 - Sales of Chicago area homes hit a three year high in the second quarter of this year, according to data just released from the Illinois Association of Realtors. It was the highest sales quarter since the third quarter of 2007 and good news for the Chicago real estate market.
During the second quarter of 2010 in the Chicago area there was a 35% increase in sales of Chicago condos and single-family homes compared to sales during the same period in 2009. A recent Crain’s report states that there were 23,735 homes sold in the Chicago area in Q2 as compared to 17,620 in Q2 of 2009.
Sales of single-family homes and condos in-town Chicago rose 33% year-over-year in the second quarter of 2010 as compared to the second quarter of 2009.There were 6,567 units sold in Chicago during Q2 of 2010 compared to 4,945 during Q2 of 2009.
The median price of Chicago area homes dipped slightly again however. The 2.5% drop in median value of Chicago area single-family homes and condos for the second quarter of 2010 put the average price at $196,00. The median price of Chicago area homes in Q2 of 2009 was $201,000. The median price for in-town Chicago homes was the same in Q2 of 2010 as it was in Q2 of 2009, which is $230,000.
With the tax credit expired and no huge improvement in the unemployment rate, we’ll have to wait and see if sales of Chicago Homes continue to increase the second half of this year.