Chicagoland Market is Perking Up

According to the local real estate board for the suburban communities that lie due north of Chicago, the statistics for the first quarter of the year are definitely encouraging.

Single family home sales are up some 59% over the same period of time in 2009.

Homes under contract are up 60% for the entire Chicagoland region.

When I check the daily "hot sheet" for several of the communities that I cover, there are new contracts pending every day. And the price spread is large, from the modest condo unit to the multi-million dollar homes.

Here's hoping that the energy continues past the April 30 deadline for the income tax credit!

What's Up on the North Shore? Sales!

My fellow agents are sensing an improvement in sales activity over the past two months or so. And the sales seem to be across all price points.

In December 2008, along the immediate North Shore communities of Evanston, Wilmette, Winnetka, Skokie, Glenview, Kenilworth and Morton Grove, a total of 84 residential properties went under contract.

In January 2009, a total of 117 properties went under contract.

In February, 117 again.

In March, 209!

In April, 224!

And in May, a whopping 323! Prices ranged from a foreclosure condo for $60,000 to a still-pending home listed at $5,200,000.

The tide seems to have turned in my home office area. I have even had to tell several buyer clients that properties they wanted to visit had already gone under contract. That has NOT been the case for at least a year prior to now.

I'm keeping my fingers crossed that this trend will continue. The real estate market needs to get more of the excess inventory sold in order to stabilize the prices and give more hope for the future of home valuation. The mortgage money is readily available for qualified buyers; and the Federal tax credit for first time buyers is certain a huge boost to someone's decision to make a purchase this year. In short, good things are happening. Hurrah!