Illinois Home Sales Increase Again
For the second month in a row, existing condo and single-family home sales went up in March for the state of Illinois. Statewide existing home sales jumped more than 35% from February sales, according to statistics released last week by the Illinois Association of Realtors. The rise in real estate activity isn’t just apparent in the stats, Chicago-area agents are getting a lot busier as clients come down off the fence and get serious about buying this year.
There are excellent incentives in place to purchase property right now. For one, mortgage rates are extremely low. Freddie Mac’s weekly mortgage market survey says the average 30-year fixed-rate is hovering around 4.8 percent. The $8,000 first-time home buyer tax credit is also available on primary residences bought through November 30, 2009 (income limits apply). The credit is for 10% of the purchase price up to $8,000 and does not have to be repaid unless the home is sold again within three years.
Suburban Cook County experienced a 38% increase in sales from February to March, which equals about 2,400 units sold. And in Chicago, residential real estate sales climbed 40% with a slight growth in median price to $220,000. Median price for the entire state also rose (for the first time since June of 2008) to just under $150,000. That’s a 6.6% in March over February.
Posted at 02:11PM Apr 28, 2009 by Spencer Mason in General Comments[2]
We are seeing similar improvements in the Phoenix real estate market. Our buyer demand, as measured by the number of homes under contract for purchase, is at a record and surpasses the market high we saw. We are seeing inventory drawdown since January 1. The only item of concern is a potential wave of further foreclosures given the lifting of the moratorium by Fannie Mae and Freddie Mac.
Nice to see Chicago doing much better. Thanks for the discussion here.
David Lorti
Posted by Chandler Real Estate on May 01, 2009 at 11:43 AM CDT #
Posted by chicago office space on May 06, 2009 at 10:02 AM CDT #