Sure, the weather in Chicago right now might be cold and a little gloomy, but the same season that has brought forth this weather has also rewarded those looking for Chicago homes for sale. As a recent report by RE/MAX states, Chicago homes sales in January are up from December and significantly higher than from the same period a year ago.
The significant jump from January 2009 to January 2010 is estimated at 25 to 30 percent. This could not only signal good news for the Chicago real estate market, it also continues the positive trend established by the market in the second half of last year.
One of the more interesting side notes about the recent trend in Chicago homes for sale is the median/average price dynamic. The median price of homes being sold is down right now, about four percent, but the average price of homes being sold is up. This clues those involved with Chicago real estate in on one important fact: Higher-priced Chicago homes for sale, specifically, are making up increasingly more of the market’s current upswing.Higher-Priced Chicago Homes For Sale
This past January, homes that were priced at $500,000 or more represented a higher percentage of all home transactions in the Chicago area. This could be great news for you if you’ve got a home on the market now. Sellers of homes over $500,000 moved more homes this January by percentage than in December or the last half of 2009.- Percentage of homes over $500,000 sold in January: 9.5%
- Percentage of homes over $500,000 sold in December: 8.6%
- Percentage of homes over $500,000 sold in the last half of 2009: 8.1%
Similarly, in homes priced over $700,000, we are seeing more movement. Of all home transactions:
- Percentage of homes over $700,000 sold in January: 5.5%
- Percentage of homes over $700,000 sold in December: 3.5%
- Percentage of homes over $700,000 sold in the last half of 2009: 2.5%
This data, provided by Midwest Real Estate Data, LLC, suggests good news for people with a luxury home on the market. With the help of a Chicago real estate agent, competitive pricing, and the right presentation, these growing numbers could mean your house is on its way to selling. For buyers, you can see that other buyers are gaining the confidence to purchase more expensive homes. Are you ready to make that step? You can also consult a real estate agent to make sure you make the right investment and get the best home for what you’re willing to pay.
And while the trend is promising news for those working on the upper end of the market, those with less to spend need not fret.Lower-Priced Chicago Homes For Sale
According the the RE/MAX report, homes selling for under $150,000 accounted for a one-third of home sales in the second half of 2009 and more than 40% of transactions in January. Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network, believes that these statistics show that first-time homebuyers “remain a significant part of the market and are quite active.”Hopefully, as we wait out the last couple of months of winter weather, the positive trends will continue; not just for either end of the Chicago homes for sale spectrum, but for the entire Chicago real estate market.
