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FEBRUARY, 2008 HOME SALES SHOW GAIN NATIONALLY - How About Chicago?

By
Real Estate Agent with Dean's Team - Keller Williams Realty Partners Chicago IL

Our Town, Chicago, was not affected as much by real estate speculation, and the resulting huge quantum leaps in property values, as some other major markets were - Las Vegas, Phoenix, Miami, and parts of California.  Although Chicago is going through a bit of price retrenching of it's own now, recent numbers from The National Association of Realtors provide a bit of hope.

Please first see our BlogChicagoHomes.com post from yesterday, March 24th, talking about the February versus January, 2008 2.9% Unit Sales Gain across the U.S.  This was the first monthly unit-sales gain since last July. 

Despite the favorable February numbers, the number of single family home and condo units sold nationally dipped 24% between February, 2007 and February of this year.  The Median Sales Price of these homes dropped a historic 8.2% during the same period!

Across the State of Illinois, however, unit sales grew 15.1%, month-to-month, in February.  The Median Home Price in Illinois fell 5.6% for the annual period ending February 29, 2008 - to $181,265.

In the Chicago Metro Area, including the city and all suburbs, the Median Home Price actually GAINED year to year, ever so slightly, to $240,230 at the end of February, 2008, from an even $240,000 a year before.  In the City of Chicago, the Median Condo Price climbed 10.5%, to $314,900, although there continue to be wide price variances for condos in different neighborhoods in the city.

Average 30-year fixed mortgage rates fell to 5.75% in January, and jumped a bit to a 5.99% average at the end of February.  Last year, same time - rates averaged 6.25%.  Moderate rates are not the problem here, however - more stringent underwriting requirements now keep many from buying homes and condos today.  Many of these borrowers would have qualified a year or so ago.

In all, Chicagoans face some measure of optimistic news, proving the somewhat stronger position here of our Real Estate Market compared to other U.S. Metro Areas.

Today's BlogChicagoHomes.com post further discusses City of Chicago, Chicago Metro Area, and State of Illinois market trends over the last 12 months.

DEAN & DEAN'S TEAM CHICAGO

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