Sales up in December 20%

By
Real Estate Broker/Owner with Northern Illinois Real Estate

In the state of Illinois...

This press release from IAR highlights some good numbers among all the bad news. 

The good:

  • "December 2009 were up 20.1 percent, totaling 8,197 homes sold compared to December 2008 sales of 6,823 homes, marking the fourth consecutive month of year-over-year sales increases statewide."
  • "In the Chicagoland Primary Metropolitan Statistical Area (PMSA), year-over-year home sales were positive for the sixth consecutive month, up 33.1 percent to 5,752 homes sold (single-family and condominiums) in December 2009 compared to 4,320 homes sold in December 2008. "

 

The Bad:

  • Sales increases driven by REOs and Short Sales along with first-time homebuyers.  Tax credit ends this spring and interest rates are predicted to rise this year. 
  • The above leads to this, a 10% median price drop - "The median home sale price for the Chicagoland PMSA was $183,000 in December 2009, down 10.4 percent from $204,200 in December 2008."
  • "For the year, Chicagoland PMSA home sales were off slightly at -0.2 percent totaling 69,290 homes sold compared to 69,406 homes sold in 2008. The year-end Chicagoland PMSA median price for 2009 was $196,000, down 18.3 percent from $240,000 in 2008."
  • "Illinois has recorded 24 months of job declines since the recession began in December 2007. Nationally, four in 10 of those currently unemployed have been in this position for more than 27 weeks."
  • Illinois' official unemployment rate in December reached 11.1 percent (up from 10.9 percent in November) and remained above the national rate of 10.0 percent in December.

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