Chicago's Temperate Spring
(the weather's not bad either)
A real spring. It's a rarity in Chicago. We're talking flowers, warm weather and picture perfect Opening Days on both sides of town. Spring 2010 not only arrived with great weather; it revealed a fair real estate market as well.
A sampling of data from nearly 40 Chicago neighborhoods and North Shore communities shows a market that is vastly improved from last year. At properties analyzed inventory, sales and market times from the first quarter of 2009 vs. the first quarter of 2010. Year-over-year sales activity was up significantly from Hyde Park to Lake Forest and inventory levels and market times came down as buyers and sellers moved closer on price in a number of submarkets.
Closed sales were up 100% or more in several areas, including Lincoln Park, Rogers Park and the Loop in the city, and Highland Park, Kenilworth, Lake Bluff, Lake Forest and Northbrook on the North Shore – an encouraging sign heading into the peak spring market. A nearly universal increase in homes under contract seems to confirm the notion that the market is gaining traction.
Still, with predictions and postulations filling the spring air like milkweed, the next couple of months will be an important measure of the local market. Fortunately, it's easy to stay informed with At properties' Market Reports. Just log on and choose a neighborhood or town from the interactive map. Then view the latest market data. Of course, numbers alone don't account for all of the factors affecting real estate in your neighborhood. For that, there's nothing like a knowledgeable REALTOR®.
Spring in Chicago can be unpredictable, but at least this spring's real estate market is looking a little more temperate. So, if you or someone you know is thinking about buying or selling a home in the coming months, please contact me. And remember, I always appreciate your referrals.
Dave Straub 773.255.3180
