Stronger Chicago Housing Numbers Likely Mean Now Is the Best Time to Buy

August 11, 2009

Residential

The gloom over Chicago's real estate market may be coming to an end.

The gloom over Chicago's real estate market may be coming to an end.

June marked the fifth consecutive month-on-month increase in home sales statewide, including Chicago. It was the fourth monthly increase in the statewide median home sale price. In a release issued by the Illinois Association of Realtors®, association President Pat Callen says, “We are moving through inventories and that?s a good sign for the Illinois housing market. Year-over-year sales are still lower, but one promising trend is the rate of decline has slowed in recent months and is now at a pace last seen in the third quarter of 2007. More first-time buyers are taking advantage of the federal tax credit while distressed properties prolong the downward pressure on prices.”

Chicago’s Home Sales Numbers Up for Fifth Consecutive Month

In the city of Chicago the median price of a home was up 7.0 percent in the second quarter of 2009 to $230,000 compared to $215,000 in the first quarter of 2009; it was down 25.8 percent from $310,000 in the second quarter of 2008. Total home sales (single-family, condominiums, and town homes) jumped 65.2 percent to 4,947 homes sold in the second quarter of 2009 compared 2,995 home sales in the first quarter; sales were down 21.3 percent from 6,287 homes sold in the second quarter of 2008.

In a world of supply and demand, experts are saying now is the time to buy. As inventory depletes, housing prices will begin to stabilize and the rise again in the upcoming years. Buyers are now taking advantage of favorable rates, inventory, pricing, and incentives. For those shoppers who continue to sit back waiting to see if rates will get lower and prices will drop more will have probably missed the best opportunity.

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About Andrea Geller

Andrea Geller, Realtor® with Sudler Sotheby?s International Realty, specializes in residential real estate sales and marketing of resale properties and new construction homes. Acknowledged as an expert in the real estate industry, Andrea has been interviewed for industry related articles for print and online media including the Chicago Tribune, Crain’s Chicago Business, Reuters, Bankrate.com, and Illinois Realtor Magazine. Andrea’s commitment extends to the community as an active member of several professional associations. Her appointments include the Board of Directors of the Chicago, Illinois, and National Association of Realtors® and the Lakeview Chamber of Commerce. She markets herself under HOT PROPERTY®, an innovation in the real estate industry led by Chaz Walters that has been marketed since the 1990s. This unique real estate concept is always a step ahead of the industry providing marketing from cutting edge interactive exposure to targeted innovative advertising opportunities. Visit her at www.hotpropertychicago.com or 773.868.3090.

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4 Responses to “Stronger Chicago Housing Numbers Likely Mean Now Is the Best Time to Buy”

  1. Ding Says:

    Honestly, when has it not been the “Best time to buy”?

    I have heard the same thing from realtors all through 2007-2008.

  2. PulSamsara Says:

    Hmmm…. the data you’re reporting would suggest that NOW is not the best time to buy. Rather, 4 months ago was the best time to buy… and now it’s still good.

    As I bought 4 months ago … I take a keen interest 😉

    Na-na – na-na-na I hit the bottom of the market ! 😉

    Buy now !

  3. Andrea Geller Says:

    Home ownership is always positive for people who are in the best financial place to afford it. Having said that, for the people who are only looking to buy at the very bottom of the market, a year from now I think we will looking back over these last months and maybe a few more ahead of it. The supply and demand factor is starting to impact pricing.

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