Was researching something else entirely and came up with some pretty interesting information on the general Illinois Home Sales so far in 2007 from the IAR (IL Assn of Realtors) website.  A SHORT COMPILATION OF THE REPORT .....

According to the Illinois Association of Realtors (IAR) second quarter report, the median home price was $207,500, UP 0.2 percent from $207,000 a year earlier. (Median price is where half the homes sold for more, half sold for less). Total home sales totaled 43,080, down 16.1 percent from the 2nd quarter of 2006.

The Chicagoland PMSA includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.  A sample of counties in the Chicagoland PMSA that saw INCREASES in median home sale prices in the 2nd quarter include Cook, up 4.2% to $269,900; DeKalb, up 1.9% to $185,000; Grundy, up 8.6% to $190,000; Kane, up 1.5% to $233,500; Lake, up 1.9% to $263,000; and Will, up 1.8% to $224,000.

A sample of counties around the state that saw median home price INCREASES in the 2nd quarter 2007 include Champaign up 2%, Kankakee up 5.9%, Madison up 4.8%, McLean up 6,2%, Saint Clair up2.9%, Tazewell up 9.4% and Winnebago up 4.8%.

Our local market conditions are often times different from what's happening nationally, so it's best to work with a real estate professional to determine timing, pricing and best value.  Illinois' economy continues to expand and home sale are expected to pick up toward the end of the year according to the NAR latest market outlook.

Second quarter 2007 CONDO SALES across the state were down 13.9% compared to 2006.  The median price for a condo in IL was $223,000, UP 4.2% from $214,000 a year ago. In the Chicagoland PMSA, condo sales were down 14.1%. The median price was $229,000, UP 5% FROM $218,000 in the 2nd quarter of 2006.

SO, NOT ALL IS DOOM AND GLOOM IN EVERY AREA!  I JUST THOUGHT THAT I SHOULD POINT OUT SOME POSITIVES IN THE MARKET PLACE!  WE ARE BEGINNING TO BELIEVE THE MEDIA OURSELVES EVEN THOUGH IN MY AREA THERE IS NO EVIDENCE TO THE HYPE.  Prices are not falling - chicken little!

Complete report 

Market Area Reports for Schaumburg Area Homes, Lyn Sims RE/MAX SUBRBAN 847-230-7324

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