The September sales data is out. It should be no surprise to anyone that while sales rebounded in Chicago from September last year, rising 6.8%, they are still well under the Great Recession sales data despite record low mortgage rates.
From the Illinois Association of Realtors:
In the city of Chicago, September 2011 home sales (single family and condominiums) totaled 1,498, up 6.8 percent from 1,403 homes sold in September 2010. The city of Chicago median home sale price for September 2011 was $190,000, up 5.6 percent compared to September 2010 when it was $180,000.
“September home sales in the city of Chicago show signs of stabilization, with an increase in the units sold for both single family and condominiums,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and broker-owner of Bob Floss and Son Realty. “While interest rates remain historically low and prices compelling, we remain concerned of the overall economic stability of our marketplace with unemployment numbers and job creation still top of mind for so many buyers and homeowners, alike.”
September sales for the last 5 years:
- 2007: 2172 sales
- 2008: 1816 sales
- 2009: 1918 sales
- 2010: 1403 sales
- 2011: 1498 sales
Median prices for the last 5 years:
- 2007: $267,750
- 2008: $268,600
- 2009: $225,000
- 2010: $180,000
- 2011: $190,000
“The housing market is showing some positive signs in terms of sales volume, yet sale prices remain lower and more sales are expected in the category of homes priced less than $100,000,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “For Illinois, the forecast indicates that total home sales will be positive for October and November on a month-to-month and year-over-year basis, a rather unexpected outcome for the last quarter of the year when the market typically cools down.”
For the second month in a row, the IAR has NOT provided the separate Chicago condo data. Call me a cynic but that usually indicates to me that the data is NOT improving. Since it doesn’t support the story, the IAR just doesn’t provide it.
But if anyone has the condo sales data, I’d be interested in seeing it.
September Illinois Home Sales Up 13.5 Percent from a Year Ago: Statewide Median Price at $136,850 [Press Release, Illinois Association of Realtors, October 20, 2011]