Once again, our area is poking along with modest appreciation. The median home sale price for the Chicago Metropolitan area for December of 2007 compared to December of 2006 was up 1.1%.* This appreciation is not great, but it is to be expected in a market correction. In the context of the national news, our local market is doing just fine.
The volume of sales is less inspiring, particularly for sellers. Sales were down 33.2% in December ‘07 as compared to December of ‘06. This means continually increasing inventory and added pressure for sellers. News of this kind augments anxiety about the possibility of selling at all, let alone for a number close to the seller’s listing price.
Buyers are in good shape. They are headed into the spring market (which informally begins every year after the Super Bowl) with high inventory, great negotiation opportunities, and motivated sellers.
That being said, homes do sell every day across the suburbs. And some homes are still selling at list or above (infrequently, but it happens). I was just going over sales data with a couple this morning and an anomaly that came up in our review of recent sales was a Barrington home that sold $30,000 over list. To make this short, I’ll simply point out that we are currently in a market with considerable confusion. There are incredible opportunities out there, but there are no guarantees that we are in a strictly one-sided game. Strategy is critical.
*Illinois Association of Realtors Monthly Housing Stats
