For the last four months, from September 2009 to December 2009, the number of Chicago condos and single-family homes sold has increased from over the same month in 2008. More simply, more Chicago condos and single-family homes were sold in December 2009 than in December 2008; in November 2009 than in November 2008; and so forth. The hope is that the four-straight months of increased sales might be signaling a much-welcomed stabilization of the local housing market.
The following information is provided by the Illinois Association of Realtors.
Year-Over-Year Sales Of Chicago Condos And Single-Family Homes
December 2009: 1,768 existing single-family homes and condos sold. December 2008: 1,265 sold. November 2009: 1,859 sold. November 2008: 1,094 sold. October 2009: 2,012 sold. October 2008: 1,566 sold. September 2009: 1,918 sold. September 2008: 1,813 sold.Aside from the consistent sales growth in the city of Chicago, condo and single-family home sales have increased year-over-year for six months in the general Chicago area. In December 2009, 5,752 of these existing homes and condos were sold in the Chicago area compared to just 4,320 of these existing homes and condos sold in December 2008. That is a whopping 33 percent increase.
Chicago-Area Counties' Condo And Single-Family Home Sales
The eight counties in the Chicago area, much like the city of Chicago, have seen improvement in sales volume as well. Cook County, for instance, which houses Chicago, saw December '09 sales nearly 43 percent higher than December '08 sales. By county, here are the existing single-family home and condo sales volume increases in December '09 as compared to December '08:
Lake County: 21.5 percent increase of condo and single-family home sales in December '09 as compared to December '08. DuPage County: 19.1 percent increase in December '09 as compared to December '08. Kane County: 31.6 percent increase from December '09 as compared to '08. McHenry County: 46.3 percent increase from December '09 as compared to '08. Will County: 18.8 percent increase from December '09 as compared to '08. Grundy County: 12 percent increase from December '09 as compared to '08. Kendall County: 9.3 percent increase from December '09 as compared to '08. DeKalb County: The only county to not see an increase; just 15 homes sold in December '09 as compared to 56 in '08. Impact of First-Time Home Buyer Tax Credit ExtensionMany real estate experts had believed that December '09 sales would have been less than the year prior due to the amount of those attempting to take advantage of the first-time home buyer tax credit. The credit deadline was originally November 30 before it was pushed back to the spring. Its extension has cleared the way for the possibility that sales of existing Chicago condos and single-family homes could continue to be on the upswing through the first quarter in 2010.
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