My Real Estate Blog

Late in 2009, the Chicago area has seen a slight improvement in the real estate market. Cook County has matched the national trend with sales up and days on the market essentially unchanged. This suggests that the sales rate has risen to the point where it matches the flow of inventory into the market. Cook County differs from the national trend in the decrease of sales prices, much below the midwest average, indicating the market is driven by first time buyers and bargain hunters.

In DuPage County the pattern is reversed, with sales down from 2008, and the days on market noticeably up. The percentage of the price fall is greater than the average in the midwest.

What is the outlook for 2010?

The Chicago housing market is expected to improve in the number of sales. This will be intensified if the tax credit is extended. Congress has extended the tax credit for the military until June 2010. This is an indication of the thinking in Washington. Prices, however, are not expected to turn. It may be late spring or early summer before we see any upward movement.