One of my go to mortgage bankers, Brian Cumpton of Wells Fargo RWF Mortgage , sent me this easy to understand graph (which is lucky for me). The graph from City-Data.com shows Chicago median price for homes sales and unit sales volume turning up in the first half of 2009.
I just checked last night for our Chicago Association of Realtors statistics for the third quarter sales in my key neighborhoods of Ravenswood, Lincoln Square, Lincoln Park and Lakeview but they are not posted yet. However, from an anecdotal perspective of hitting the pavement everyday, unit sales volume should be up.
The main influences in the uptick have been from my view:
1. Buyers' jobs have stabilized from the chaos of the banking crisis
2. Better, lower listing prices from the beginning
3. Low mortgage interest rates
4. The Federal Government first time buyers' $8000.00 tax credit