Saturday, November 18, 2006
Illinois and Chicago Home Sales Statistics
I have not been much on posting raw sales statistics for the Chicago area. This is popular with many real estate blogs. I've stayed away from posting the "numbers" because I believe the overall, state wide and city wide sales statistics may have little to do with an individual's situation.
Crain's has the a short summary of this season's third quarter sales statistics-showing a 15% decline in overall home sales in Illinois. In Chicago, total sales were down 18%.
The overall sales statistics are important, yes. And I should know this when consulting a client. But more, so, I better know the neighborhood and block my client is on. Sales there may be up 15-18%. My client may also have a three bedroom, as oppsed to the glut of two beds. What are they going for? Average market time for a three bedroom in "so and so" neighborhhod? That's a statistic. How 'bout a taer down vs. a rehab vs a new construction?
These are the statistics I need to advise my buyers and sellers so they have true expectations and get to the closing table.
The overall home sales statistic will scare away speculative investing and some building (and weak real estate agents)... that's for sure. But people have lives, jobs, growing families, less quality rental opportunities, upward mobility, status, downward mobility etc... They will buy and sell and I have to have the statistics that matter to them... not Peoria (sorry Peoria).