Chicago Home Prices are weathering the storm
The Illinois Association of Realtors released the sales data for July 2008.
In the city of Chicago, sales prices remained steady vs. July 2007.
Even though the number of transactions were down significantly,
sales prices were only off by 1/3 of 1%.
I read in a recent stock market article that “flat is the new up”.
I guess you could apply that to home sales prices as well.
Even though the number of sales were down, there was still a huge
amount of homes being sold. 2,167 properties were sold in July 2008.
So contrary to media headlines, homes are being bought and sold
every single day in Chicago.
Chicago home prices fared better in the city than in the larger metropolitan area.
In the metropolitan area, which includes the suburbs, home prices were down
about 3%. As a whole, Illinois prices fell about 5% compared to last year.
Nationally, prices fell about 7% compared to last year.
So, relatively speaking, Chicago is holding up pretty well.
Now, if we could just figure out a way to stop all of these foreclosures,
prices will begin rising again. There is just so much inventory on the market.
Supply and Demand are way out of balance. Once supply drops down to normal
levels, the market will stabilize. Also, when the media starts saying that “now is
the time to buy”, just watch how fast things turn around. But by then, it
might be too late to get the best deals. Until the next time…
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
EQUAL HOUSING OPPORTUNITY
