The February 2012 Chicago sales data is out. Sales rebounded but couldn’t even reach 2010 levels, which, you’ll recall, were juiced by one of the first time homebuyers tax credits (remember those?).
In the city of Chicago, February 2012 home sales (single family and condominiums) totaled 1,079, up 2.2 percent from 1,056 homes sold in February 2011. The city of Chicago median home sale price for February 2012 was $140,000, down 6.7 percent compared to February 2011 when it was $150,000.
Here is the sales data for February going back to 1997 (courtesy of G). It is slightly different from the IAR’s data:
- 1997: 881 sales
- 1998: 991
- 2000: 1383
- 2001: 1151
- 2002: 1677
- 2003: 1566
- 2004: 1814
- 2005: 2228
- 2006: 1855
- 2007: 1703
- 2008: 1454
- 2009: 870
- 2010: 1257
- 2011: 1092 (IAR= 1056)
- 2012: 1224 sales (IAR = 1079)
Here is the Median Price Data also going back to 1997 (thanks G!):
- 1997: $117,000
- 1998: $132,000
- 1999: $143,750
- 2000: $161,500
- 2001: $180,200
- 2002: $212,000
- 2003: $215,000
- 2004: $229,900
- 2005: $268,900
- 2006: $267,500
- 2007: $270,000
- 2008: $290,000
- 2009: $218,125 (with 31% being REO/Short Sales)
- 2010: $176,000 (with 46% being REO/Short Sales)
- 2011: $150,250 (with 50% being REO/Short Sales)
- 2012: $140,300 (with 52% being REO/Short Sales)
The Condo/Townhouse sales data since 2008 (thanks to G again):
- 2008: 1087 sales, median price of $314,900
- 2009: 451 sales, median price of $280,000 (with 18% being REO/Short Sales)
- 2010: 660 sales, median price fo $250,000 (with 33% being REO/Short Sales)
- 2011: 604 sales, median price at $193,500 (with 46% being REO/Short Sales)
- 2012: 692 sales, median price at $165,250 (with 50% being REO/Short Sales)
“A mild Chicago February continues to prove positive for the city’s housing market,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and Broker/Owner of Bob Floss and Son Realty. “Sellers and buyers are closely watching opportunities to make the move right for them in this economy. While sellers are motivated to close on their homes, they are also strategic in looking for ways to make opportune investments in the purchase of their next home, garnering them more value for their dollar. First-time homebuyers are equally measured, looking for distressed or right-priced traditional purchases of homes to help make their investment dreams a reality.”
Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois, said the mild winter is helping the housing market move upward. The Illinois and Chicago PMSA Pending Home Sales Indices surged in the first two months in 2012. This spring surge is typical in a cyclical housing market with activity levels high when the weather warms. However, this year’s spring surge is stronger and came earlier than last year, according to Hewings.
“The other good sign is from the labor market. Last month, the U.S. unemployment rate was unchanged at 8.3 percent and the nonfarm payroll employment rose by 227,000. According to the Thomson Reuters/ University of Michigan’s survey of consumers, consumer’s confidence level is high and this high confidence level is due to a record number of consumers that were aware of ongoing increases in jobs,” Hewings said.
“For Illinois, the most relevant factor would be a surge in job creation and the state’s economy has been showing consistent signs of life in the last 12 months. For most of 2011, Illinois’ job growth kept pace with the nation, whereas for much of the previous two decades the job growth hovered at rates between one third and one half the national levels.”
IAR’s sales data isn’t even as promising as G’s showed for February. (Why the big difference? A couple of hundred closings is a BIG deal. Is the data messsed up again?)
The rest of the state and the 9 county Chicagoland area actually showed much stronger sales.
Why is Chicago lagging?
Is it really much of a recovery if the data isn’t even back to 2010 levels even as prices continue to fall?
Illinois sees 15.1 percent increase in home sales; strongest February sales report since 2008, data show [Illinois Association of Realtors, Press Release, March 21, 2012]
