chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 23 Dec 2010 09:39 am

Home Sales Drop Again In November

December 23, 2010 - Even though year-over-year sales of Chicago condos and single-family homes increased for the first half of 2010, sales numbers have dropped from July through November. According to the Illinois Association of Realtors, sales of Chicago area single-family homes and condos fell 34.3% in November when compared to November 2009 sales. The IAR report was highlighted in a recent Crain’s article.

The nine counties that make up the Chicago area are Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

For November 2010, there were 4,518 Chicago condos and single-family homes sold in the Chicago area, which is down from the 6,878 homes and condos sold during November of last year (2009).

The sales numbers for units sold strictly in-town Chicago weren’t any better. There were 1,144 single-family homes and condos sold in Chicago during November 2010. That makes for a 38.5% drop as compared to the 1,859 sold in November of last year (2009).

The report quoted association President and development/operations coordinator for Traders Realty Sheryl Grider Whitehurst as speculating that, “November home sales reflect the consumers’ cautious mood about the economy and jobs combined with normal seasonal slowdown in activity and a sizable impact from the tax credit that ramped up home sales a year ago due to the original tax credit deadline of Nov. 30.”

The median price of Chicago area single-family homes and condos also dropped 6.9% to $175,000. A year ago in November the median price was $188,000.

For single-family homes and condos in-town Chicago, the November 2010 price fell 4.2% to $206,000. The median price in November of 2009 was $215,000.

The inventory of Chicago homes and condos is slowly shrinking since no new large scale developments are in the works, so we’ll have to wait and see if Chicago real estate prices and sales pick up in 2011.

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