Monday, May 24, 2010

Chicago Association of Realtors: Chicago median home prices rise

We here on this blog expected a large increase in unit sales to occur the first half of the year over 2009 (not hard to do). We also felt (and feel), pricing in top tier neighborhoods would stay pretty flat over the next 3 to 5 years.

This uptick in median price is good for sure, but I would not expect sustained gains to compound. We still think a lot of distressed homes will become a little easier to buy and this will keep pricing statistics flat. I do think think this is a sign that the most desired Chicago neighborhoods like Lincoln Park, Lakeview, Lincoln Square are stabilizing.

According to the Chicago Association of Realtors and the Chicago Sun-Times today:

"The median price of homes sold in Chicago rose 3.2 percent in April from a year earlier, the first annual increase in nearly two years, the Illinois Association of Realtors said today.

Prices also rose statewide amid soaring sales.

The median price of existing single-family homes and condominiums sold in Chicago was $225,000 last month. Sales spiked 41.1 percent to 1,985 as buyers took advantage of federal tax credits. April was the eighth consecutive month of year-over-year sales gains."

Click here to read the story

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