Chicago Home Sales Reach A Milestone In September
October 26th, 2009 categories: Chicago Info/News, Chicago Real Estate News, FSBO's, For Buyers, For Homeowners, For Sellers, Housing Market
Chicago home sales made a bit of history in September. According to the Illinois Association of REALTORS®, total sales of existing homes in Chicago rose 5.8 percent that month when compared to September of 2008.
This is big news. It’s further evidence that the housing market here has stabilized. We’re in a recovery now, and there’s no denying it.
Overall, home sales throughout the state of Illinois rose 3.3 percent in September of this year when compared to one year earlier. This marks the first time that we’ve seen a year-over-year increase in local home sales since March of 2006.
In the city, 1,918 homes sold in September. That compares to 1,813 sold during the same month one year earlier.
I can point to several reasons for this sales increase. First-time buyers, encouraged by the federal government’s $8,000 tax credit, hit the market hard in the late summer and early fall months. They know that the tax credit is due to expire at midnight on Nov. 30, and they didn’t want to miss their chance to qualify for it. Add historically low interest rates to the mix and one sees why sales have begun to show a spike upward.
Secondly, it seems that Chicago sellers are now pricing their condominiums and single-family homes at prices that are attracting the attention of buyers. Smart buyers know that Chicago housing today is a great bargain. They’re taking advantage of these terrific sales prices.
Finally, you can’t discount the overall strength and resiliency of the Chicago housing market. Sure, even the city’s top neighborhoods have seen home sales decline during the housing slump. But these markets, neighborhoods like Old Town, Lincoln Park, Wicker Park, Lakeview, Lincoln Square and Roscoe Village, are so attractive, and offer so many amenities, that I knew they’d rebound quickly from the residential real estate slowdown.
And that’s just what is happening now.
I’m particularly impressed that Chicago outperformed the rest of the state, seeing its home sales increase 5.8 percent in September while sales in the state as a whole only jumped a bit more than 3 percent.
To me that says one thing: Chicago remains a great place to buy a home.
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