Illinois Real Estate Market Trends for 2010
The Chicagoland region ended 2010 nearly even with home sales in 2009.
Home sales down -26.6% for year end 2010.
Median price down -7.0% to $144,000 which trends back to 2000 levels.
More than 53% of homebuyers in IL were first time buyers in 2010.
Affordability conditions remain good for first-time buyers although credit-worthiness and lender documentation requirements have become hurdles for some would-be buyers. First-time buyers can look to help from the IHDA's SmartMove loan programs that provide up to $6,000 in down payment and closing cost assistance for those who qualify.
Potential buyers who have resources to buy but want to buy at the bottom of the market are likely to start coming into the market in the spring time. I guess it's time to get off the fence for buyers.
In January 2011, at the current annual sales rate, Illinois had enough housing inventory for 10.9 months of sales. In Chicagoland, the comparable figure was 11.7 months.
Percentage of Sales by Price (fancy word Stratification, jeez speak English) in Illinois (graph below)
Median Price Graph in Illinois (below)