Back in January of this year, a report from Standard and Poor's/Case-Shiller showed that Chicago and the Chicagoland Suburbs housing market was "lagging behind" other U.S. metropolitan cities as it related to the housing recovery. And through my contact with other real estate and mortgage professionals outside of our area, I certainly agreed with that assessment at that time.
Although our Chicago and Chicagoland housing market did seem healthier to me at that point than it had previously, I didn't sense that I was seeing the number of interested Home Buyers or the rebound in sales and prices that professionals in other markets were reporting. I remained hopeful that changes were coming.
And after what seemed like forever, many of those changes have arrived. Our local housing market is showing positive signs that indicate we're healing and moving in a better direction.
The Illinois Association of REALTORS has reported that during the month of July, 2013 ... sales in the City of Chicago were up 31.1% year-over-year. And the median price for a home was up 25% from the same time a year ago.
Perhaps one of the strongest indicators of our area's healthier housing market was found within the sub-market pertaining to the City of Chicago's Condo market. Condo prices rose 13.8%, with "average time on the market" down to 48 days, representing a 30.4% drop from 2012's average.
In the surrounding 9-County Chicagoland suburban area, sales were up 36.1%. Just short of 12,000 homes sold during July. Prices were up 18.3% ... and the time it took to sell a home was dramatically down. On average it was taking 61 days to sell a property versus 83 days last year.
Inventory of properties for sale remains an issue in the City of Chicago and Chicagoland area. Although the number of available properties has grown since the low reported in January of this year, even more sellers are needed. With prices up, sales times down, and a more active and an eager number of potential Home Buyers, hopefully future statistics will show improvement on Chicago and Chicagoland housing inventory soon.
But finally ... finally ... the City of Chicago's and the Chicagoland real estate market is gaining strength and heading in a positive direction. And there is still more good news. Potential Home Buyers still have plenty of time to buy and close on purchases made prior to the Holidays. And they will be able to enjoy the beautiful weather arriving in Chicago and Chicagoland while out viewing homes for sale during the coming Fall months.
Chicago ... Chicagoland ... great housing markets ... Interest Rates are still low ... housing prices are still advantageous ... and beautiful Fall weather. Perfect!
The City of Chicago's and Chicagoland Housing Market is Gaining Strength ... Contact me now for your FREE Mortgage consultation ... FREE Pre-Qualification ... and to get your home's successful mortgage financing started.
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