Chicagoland Market Update
Good things are happening in the Real Estate market in the Chicagoland area. Prices remain low for first-time and/or move up buyers and the high volume of inventory homes that once occupied our marketplace are finally diminishing. Existing home sales in the Chicago area have increased significantly since this time last year, and the homebuyer tax credit has been extended and continued to be a great incentive to improving the economic status of the economy.
The prices of single family homes and condos are at a record low, which is good news for all of the buyers and investors in the real estate market. Reports show that the supply of homes nationally is at its lowest level in 2 ½ years. High inventory was one of the major causes of the Chicago real estate market decline, and so the fact that the number of inventory homes is decreasing is certainly a sign that the real estate market is back on the rise.
Existing home sales in the Real Estate market in the Chicagoland area have increased 33.3 percent in the month of October 2009 as compared to the number of existing home sales last year. Also, Single family homes and condos were up 28.5 percent. The numbers were at 2,012 compared to the 1,566 that were sold last year during this time.
The Homebuyer tax credit is a big reason for the increased movement going on for both single family homes and the condo market and as well. This program has created a great incentive for buyers who at a time were undecided as to whether or not they were going to purchase. The tax credit was what pushed people over the fence. The fact that the government not only extended this tax credit but also expanded it to move up buyers as well was crucial and certainly helpful in improving the economic state of the economy. This will help to continue the positive trend and counteract the rising foreclosure and unemployment rates.
The government needs to continue to give the real estate market the continued support and attention that it deserves and needs in order to provide stability. The only way we are going to get out of this hole is by the government stepping in and doing something about the situation, taking measures on how their actions are affecting the market and continuing the actions that are currently making a difference in improving the economy.
