Hello Anne,

Home sales volume typically rises from January through August every year and then declines through December. It’s an annual cycle. So when you ask if the housing market has picked up in the Chicago suburbs, the short answer is yes it has this month. But that is due to the cyclical nature of home sales throughout the year.

The long answer is that compared to this same time last year, sales volume is down about 20% in Kane county. Additionally, the median home price has also dropped about 20%. This doesn’t necessarily mean that home values have dropped 20%. It could simply mean that the homes that are selling are the ones at the lower prices. The one for sure positive sign lately is that the level of inventory has declined. It’s still a seller’s market and there is a long way to go before inventory levels are reduced enough for it to be a buyer’s market.

If you want more local market statistics, you can find them at foxvalleygreenhomes.com.

Have a great day! Vince

Hi Anne-

We have definitely seen an increase in activity since the beginning of the year. Homes that out shine their competition are selling quickly. We have also seen more foreclosures going under contract. Depending on the market area, most of the homes that are moving are under $450,000.

I hope this helps!

Hi Anne,

it absolutely has. You probably have noticed that many of the attractive homes are quickly coming off the market, and many homes that have issues are still on the market. The tax credit that the government has given away has helped as well. Let me know if you have a particular home in mind, I'll be glad to anwer any of your questions.

Hi Anne,
At least it appears that the downward slide has slowed down. We won't recognize the bottom until we see it in hindsight. An interesting study, put out by the PMI Group, assesses the risk of further price erosion. The PMI Group is in the mortgage guarantee business, so risk assessment in housing is crucial to their business. They have reported that the likelihood that home prices will be lower in the Chicago Standard Market Statistical Area two years from now is less than 10%. In fact, their market risk for Chicago comes in at 6.3% below cities like Boston and Portland and Minneapolis. There is a renewed interest in homeownership with many renters, previously priced out of the market, seizing the opportunity to become first time homebuyers. Also, the rate of new foreclosed properties entering the market is way below what I was seeing around Thanksgiving. If you or anyone you know is interested in buying, this is definitely a good time to at least check out your options. Call me or email me today to learn about Buyer's Agency. As your Buyer's Agent, I will always put your best interest first. I also have prepared a special report on the First Time Homebuyer's Tax Credit. Call me to learn more.
Ed Plaskacz
Prudential Starck REALTORS
630-561-0885
AskEdAboutRE@hotmail.com

Hi Anne,

For me personally, I am experiencing much more traffic from both buyers and sellers since the beginning of the year. Particularly in the past monht or so. In the state of Illinois in general, acorrding to the Illinois Association of Realtors, Home sales in IL were up 8.9 % February over January of this year. However comparing this February to February '08 home sales are down 27.8%. The median price also was down from last February by 20.8% from $177,950 down to a median of $141,000. I'm sure by my own experience and the activity in my office that March will outdue February.