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Showing posts from March 24, 2009

CURRENT MARKET STATS - WHAT REALTORS OUGHT TO KNOW, NOW

Three interesting reports from three different sources this week might be of particular interest to local real estate agents. Here is a quick recap of the data, followed by my impressions.

FIRST, The Illinois Association of Realtors February market statistics show that, in the city of Chicago, sales fell 40.4% in February, to 841 compared with 1,412 in February 2008, and median price in Chicago also sank to $218,250 from $290,000 in February 2008.

The overall sales trends for the larger, nine county region are shown graphically in the second chart on this page posted by Lucid Realty.

THEN, the National Association of Realtors, released data yesterday, as summarized in Kelly Evans and Justin Linhart's story in today's Wall Street Journal, that aggregate resales of single-family homes and condominiums climbed 5.1% in February versus January, to an annualized 4.72 Million Units. Roughly 45% of these sales were foreclosures and short sales - distressed properties selling at a subst…