City Home Sales Continue to Show Improvement
July 1st, 2009 categories: Chicago Real Estate News
With each passing month, it becomes more evident: Chicago’s housing market has stabilized, and has begun its long-awaited recovery.
The numbers from the Illinois Association of REALTORS® tell the story. The sales of existing homes in Chicago rose 11.5 percent in May. A total of 1,537 existing condominiums and single-family homes were sold in the month. In April, only 1,378 of these residences were sold.
At the same time, the median sales price of these homes continued its steady, gradual rise. Condominiums and single-family homes sold in the city in May saw their median sales price go up 2.3 percent to $225,000. In April, the median sales price stood at $220,000.
Of course, this is a slow recovery. Both sales and median prices are still significantly down from last year at this time.
According to the REALTORS® association, May sales in Chicago were down 27.5 percent from the 2,119 homes sold during the same month one year earlier. At the same time, the median sales price in Chicago was down 29.5 percent from the price of $319,000 that sellers fetched a year ago.
The numbers may not be quite as high as we’d like. But the fact that they are trending upwards – no matter how gradually – is good news. This marks the fourth straight month in which both sales and median sales prices have risen for homes sold in Illinois.
It’s good to see some normalcy returning to the Chicago housing market. I, for one, hope to see sales and sale prices continue to their upward movement.
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