Chicago Illinois - Update to market conditions: Information gathered from recent data in the NIMLS (shown below), indicates activity in sales of single family homes with 3+ bedrooms on the rise. Although the market times have not decreased, an increase of 1-2% in final sale price is shown from the month of February to March 2009 indicating a positive up-trend in home sales.
Christine: "The increase in home sales with more bedrooms could be due to families that are combining incomes and sharing home space due to trying economic times. I have seen recent list prices increase 1-3% in some markets including; Westchester, Downers Grove, South Berwyn and La Grange where home buyers snatched up all but a few bank owned and foreclosure homes."...there is little left of REO deals out there that are worth the major overhaul and rehab investment of time and money. Also, FHA has stringent guidelines to these types of home purchases which makes the REO's linger in the market even longer."
"Home prices have definitely leveled off in many markets and now it’s time to get down to business. Serious Buyer’s must have a good Realtor and negotiator on their side to examine the market that they plan to buy in so as to try and negotiate the best purchase price. As home prices prices begin to rise slowly, it's time to get off the fence and those that can afford to should buy now.
Also, towns like Cicero Illinois for example, are funding special programs through the Illinois Department of Housing for their neighborhood stabilization program that offers home buyers incentives to buying a foreclosed home there. But there is a catch, you must live in the property as your primary residence for a number of years. Clients working with Realtors should find out through the Town of Cicero Housing Department more about these programs and incentives or click here to view the Neighborhood Stabilization Program manual to see if you qualify."
Keep in mind the prime benefit of ANY home in ANY neighborhood is affordability, lifestyle and #1 - LOCATION, LOCATION, LOCATION. As well as convenient access to public transportation; METRA, PACE, the EL and major highways.
Here are recent stats of homes sales from February - March 2009.
SOLD MARKET TREND FEBRUARY – MARCH 2009:
FEB 2009 SOLD: Detached Single |
Bedrooms | # Sold | % Sold | Avg LP (Sold) | Avg SP | SP:LP Ratio | Avg MT (Sold) | Avg LP (Unsold) | % Expd | All | 1395 | 100% | $328,534 | $303,420 | 92% | 201 | $0 | 0% |
| 3 | 587 | 100% | $214,940 | $202,306 | 94% | 183 |
| 0% |
| 4 | 633 | 100% | $341,673 | $315,468 | 92% | 208 |
| 0% |
| 5 or More | 175 | 100% | $662,034 | $599,008 | 90% | 235 |
| 0% |
|
|
MAR 2009 SOLD: Detached Single |
Bedrooms | # Sold | % Sold | Avg LP (Sold) | Avg SP | SP:LP Ratio | Avg MT (Sold) | Avg LP (Unsold) | % Expd | All | 1932 | 100% | $346,079 | $318,939 | 92% | 200 | $0 | 0% |
| 3 | 782 | 100% | $231,034 | $215,003 | 93% | 182 |
| 0% |
| 4 | 937 | 100% | $346,624 | $322,241 | 93% | 200 |
| 0% |
| 5 or More | 213 | 100% | $766,055 | $686,000 | 90% | 264 |
| 0% |
|
|
Sold% clearly indicates increase from February to March 2009 as well as price. Also as inventory drops, we will see less market times.
Source: mlsni.net
More to come in my next market report!
The house deal's are out there, you just have to HUNT for them!
Christine Moscinski is a Broker Associate and Lifestyle Agent as a member of "The House Hunter's Team" at GOBBER-GMAC Real Estate in Westchester Illinois she actively reports on local real estate markets, trends and new developments in the Chicago area and Western Suburbs.
Have her find your next home and lifestyle community today, call 708/369-8094.
