The May market statistics on sales volume are out. Essentially, we have more of the same: a substantial decrease in volume over the previous two years. For Cook County, the number of closed sales was down 30.5% for May of 2008 compared to May of 2007. Sales were down 43% for May of 2008 compared to May of 2006.
In Lake County, the volume of closed sales for May of 2008 was down 33% compared to May of 2007. Compared to May of 2006, volume was down 45%.
These are the kind of stats that proclaim “buyer’s market.” Nevertheless, prices have not had precipitous drops. We don’t have the May price data yet, but you can check out the first quarter report here. I’ll be posting price data for May within the next 2 weeks. I expect continued low appreciation or a small dent into depreciating territory, –no drama, just more of the same.
