The U.S. Housing Market news continues to be dower from Wall Street - 2007 units resold down 13%, median sale price down 1.8 percent nationally last year.
Things slowed down in Chicago as well in 2007, but median prices actually INCREASED in the single family home and condo sectors.
A few summary statistics -
A total of 5,046 properties were sold in the North and Northwest Side Chicago Neighborhoods we predominantly serve in 2007 - a decrease of 19.2% versus 2006 resale figures.
The median sales price for Single Family Homes sold and closed last year in these same areas - $477,595. This represents an INCREASE of 2.1% from prior-year levels.
The median condo price for 2007, same Chicago Neighborhoods, was $256,078 - up 4.0 percent from 2006.
The median price for two-to-four-unit apartment buildings, same neighborhoods, actually DECREASED last year by 5.3%, to $507,316.
For the last three months of 2007, the aggregate Absorption Rate in our Chicago North and Northwest Side Neighborhoods was a staggering 32.2 months. Slightly fewer than 31.5% of residential properties listed in the areas we serve sell within a six-month listing and marketing time frame.
Check out our Blog Center - BlogChicagoHomes.com - for more information and relevant links.
Don't just "fasten your seat belts" for 2008, folks. Get out there and help these fine prospective clients this year - buyers and sellers!
Take Care, and Keep Warm!
DEAN & DEAN'S TEAM CHICAGO
Dean
Knock them dead today; you are the best!
Anything new with the water main that broke?
Sincerely
Tom Braatz