The May 2011 Chicago sales data is out from the Illinois Association of Realtors.
It’s not surprising that we saw yet another year over year sales decline as 2010 was juiced by the home buyer tax incentive.
In the city of Chicago, May home sales (single family and condominiums) totaled 1,705, up 16.5 percent from 1,464 sales in the previous month and down 17.1 percent from 2,057 homes sold in May 2010.
The city of Chicago year-over-year median price for single family and condominiums in May 2011 was $238,450 up 3.7 percent compared to $230,000 in May 2010; it was 16.0 percent higher compared to the previous month of April 2011 when it was $205,500. For condominiums specifically, the median price reached $299,000 in May 2011, up 10.3 percent year-over-year from $271,150 in May 2010.
Sales data from the last four years:
- May 2011: 1705 sales
- May 2010: 2057 sales
- May 2009: 1557 sales
- May 2008: 2119 sales
Median price data over the last four years:
- May 2011: $238,450
- May 2010: $230,000
- May 2009: $225,000
- May 2008: $319,500
Once again, the IAR chose to break out condo median sales price separately from single family home data.
- May 2011: $299,000
- May 2010: $271,150
“Chicago’s condo sales in May outpaced single family homes by nearly 30 percent, a strong indicator that the condo market is re-emerging as a viable and affordable housing choice. We continue to monitor the impact of condo financing options and distressed condo units and how they will shape sales in the remainder of 2011,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago. “Sellers this summer have the opportunity to position their home with a compelling sales price, and leverage low interest rates on the purchase of their next home.”
“According to our forecast, annual sales rates will turn positive for both Illinois and the Chicago region in July and August, a 22-25 percent increase statewide and 25 to 36 percent for Chicago,” estimates Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “This means the effect of the homebuyer tax credit will finally fade out in Illinois during the summer. Median prices for June, July and August are expected to be higher than May in both Illinois and the Chicago region.
May Marks a Four-Month Rise in Illinois Home Sales [Illinois Association of Realtors, Press Release, June 21, 2011]