Chicagoland Real Estate Market Watch from Koenig & Strey!
CHICAGOLAND REAL ESTATE MARKET JANUARY – APRIL 2010
In the first four months of 2010, the Chicagoland real estate market showed significant improvement over last year with gains in the number of homes sold and other key real estate metrics. More than 5.7 billion dollars of homes were sold throughout the region with an average MLS sale price of $227,708, which is very near the average sale price one year ago.
MARKET VELOCITY COMPARED TO 2009
The market continues to absorb inventory, with the numbers of months’ supply dipping well below nine months in April, after climbing above twenty months at the beginning of last year. The number of homes for sale in April increased slightly from the previous month, while the average market time continues to shorten. The number of units sold was 43 percent above April 2009, with a corresponding 49 percent increase in dollar volume.
The positive trend is likely to continue, as the number of contracts remains strong. In April, pending sales reached their highest point in two years, with written business nearly double that of April 2009.
MORTGAGE UPDATE – RATES REMAIN NEAR 5%
Rates for 30 year fixed loans stayed near five percent throughout the month of April briefly increasing to 5.21 percent, then declining for three weeks to 5.00 percent for the week ending 5/6/2010. Attractive loan rates continue to be a strong factor for both move-up and new buyers, along with increased affordability and a wide selection of homes.
KOENIG & STREY
There is a tremendous amount of activity at Koenig & Strey Real Living. We are launching our new branding and identity while doing an exceptional volume of business. With a 66 percent increase in the number of homes sold in 2010, we are performing well above the 40 percent increase in the rest of the Chicagoland market.
If you are looking to buy or sell your Chicagoland Home, look no further. Marina Jacobson of Koenig & Strey can help you with all of your Real Estate needs. We use inovative marketing online to find you your dream home and when listing your home we make sure you home is on top of the market. Call me, Marina Jacobson 847-510-5009 or email me Marina@MarinaJacobsonHomes.com for more information on buyer or seller a Chicagoland Home. Visit MarinaJacobsonHomes.com for all of your Real Estate needs.
