Chicagoland Residential Real Estate, Hows The Market For September 2009

Steady growth in sales volume has been seen in Chicagoland real estate from January 2009 thru September 2009.  Sale prices remain lower with an average MLS sales price of $240,359.  Housing inventory fell for the second month in a row, with August 15% lower than August of 2008.  The average sales price remains 21% below 2008 price.  Prices are starting to stabilize in some communities, and we have seen multiple offers, effectively increasing the asking price.

 

While the number of closings for September 2009 decreased from the prior month, closed properties remain higher than September 2008.  Also there has been much ado about Pending sales, units under contract has increased for the 10th consecutive month.  Unfortunately, just because a home is under contract, it does not follow that any given contract will become a closed contract.  The credit market is still not functioning well, purchasers may find banks unwilling to loan funds for properties.  In some cases because a property may not appraise well, or the purchaser may be considered a poor risk.

 

Mortgage rates for conventional 30 year fixed loan remain near the 5% level, indeed, dropping to under 5% for the week ending October 1, 2009.  Interest rates were at around 6% for the third quarter of 2008, and Jumbo Loans were dead.  Currently Jumbo Loans are around 5.8%.

 

Finally the window of opportunity for the $8,000 Buyers Credit is closing.  The last day to claim the credit is November 30, 2008.  At this point no one knows if Congress will extend the credit or let it run out.  Convention wisdom has it that Congress will let it run out.

Comments

[Real estate Philippines]

Nice. I like the way you collected all the information. Very informative!

Deirdre G