Housing Market Overview
On an annual basis, the strong sales growth recorded in Illinois and Chicago in December moderated a little in Illinois but remained close to 30% in Chicago. The months of December and January witnessed negative month-to-month sales in Illinois and Chicago but produced increases on 10% in Illinois and 5% in Chicago in February.
- Forecasts for the next three months (March, April, and May, 2010) indicate sales increasing in Illinois in the 1-8% range and in Chicago in the 7-20% range on an annual Basis
- Month-to-month sales growth will be positive in all three months; for Chicago, the range will be 5-25% while for Illinois that range will be from 5-30% with March the strongest months for both areas.
- Median prices in Illinois and Chicago will fluctuate month-to-month, dropping in April but rebounding slightly in May.
- Median prices by May 2010 (2009 values in parentheses) are expected to be $146,177 ($156,000) in Illinois and $166,742 ($200,000) in Chicago
Source: IllinoisRealtor.org; Updated March 2010; You can also download the Full Report From HERE
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