Chicago-area home sales down just 19% in May
(Crain's) — Chicago-area home sales fell almost 19% in May compared with last year but increased over the previous month for the fourth straight time, according to the Illinois Assn. of Realtors.
| TRACKING THE DOWNTURN | |||
Below is a monthly year-over-year comparison of home sales (single-family and condo) in the nine-county Chicago area.
| |||
| Month | 2009 | 2008 | Change |
| January | 2,965 | 3,927 | -24.5% |
| February | 3,082 | 4,326 | -28.8% |
| March | 4,260 | 5,759 | -26% |
| April | 4,747 | 6,094 | -22.1% |
| May | 5,634 | 6,927 | -18.7% |
| June | 7,140 | 7,806 | -8.5% |
| Month | 2008 | 2007 | Change |
| January | 3,927 | 5,947 | -34% |
| February | 4,326 | 5,894 | -26.6% |
| March | 5,759 | 8,101 | -28.9% |
| April | 6,094 | 8,729 | -30.2% |
| May | 6,927 | 9,751 | -29% |
| June | 7,656 | 10,612 | -27.9% |
| July | 7,274 | 9,730 | -25.2% |
| August | 6,804 | 9,733 | -30.1% |
| September | 6,371 | 6,794 | -6.2% |
| October | 5,397 | 6,559 | -17.7% |
| November | 3,910 | 5,774 | -32.3% |
| December | 4,232 | 5,033 | -15.9% |
| Source: Illinois Assn. of Realtors | |||
"We are seeing more activity in the housing market with increased listings, more activity at showings, a surge in interest from first-time buyers as well as some improvement in time on market," Pat Callan, president of the association and owner of Realty Executives Premiere in Wheaton, said in a release Tuesday from the association.
Mr. Callan also says in the release that first-time buyers need to close by Nov. 30 under current guidelines to get the $8,000 tax credit for first-time buyers.
The 18.7% year-over-year drop in Chicago-area sales in May was the smallest so far this year.
In the nine-county Chicago region, 5,634 single-family homes and condominiums were sold in May, compared with 5,674 in May 2008, the association said. May sales were up 18.7% compared with April.
In the city of Chicago, May sales fell 27.5%, to 1,537 compared with 2,119 in May 2008. Sales rose 11.5% compared with April.
The Chicago-area median price — where half the homes sold for more and half sold for less — was $200,000 in May, down 20.3% from $251,000 in May 2008, the Realtors' group said.
In the city, the median price fell 29.5% in May, to $225,000 compared with $319,000 in May 2008.
"We're encouraged to see the bank-owned inventory moving in the marketplace, indicating buyers are finding good bargains, especially in single-family homes and flats," David Hanna, president of the Chicago Assn. of Realtors, said in the release. "The city of Chicago condominium sales numbers continue to reflect a critical need for governmental agencies to review the growing disparity in the ability to finance a condominium purchase in the city. This affordable housing will become unaffordable and unattainable to many qualified first-time homebuyers in the city of Chicago unless existing federal guidelines, which do not take into account nuances of the local market, are modified."
Statewide sales fell 21.0% in May to 8,945 homes, compared with 11,326 in May 2008, the Realtors' group said. May statewide sales rose 19.3% compared with April.
The Realtors group's sales figures include new and existing homes. The nine-county Chicago Primary Metropolitan Statistical Area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
