@properties' Market Reports

Stay Informed In 2011
With @properties' Market Reports

With record low interest rates and record high affordability, 2010 was a banner year for just about anyone who bought a home. The favorable buying conditions were reflected in overall sales numbers for 2010, which showed slight improvement versus 2009. Total sales volume was up and market times were down for @properties' principal market areas of the city and North Shore (see charts below).

Heading into 2011, buyers are still in the driver's seat but will want to keep an eye on interest rates, which are expected to top 5% before long. Locking in a rate below 5% on a 15- or 30-year fixed-rate mortgage, or below 4% on an ARM, is a phenomenal opportunity given current home prices. For sellers, getting the job done in 2011 will once again require an in-depth understanding of hyper-local market conditions and price trends, as well as a comprehensive sales and marketing plan.

A great way to keep tabs on the market in 2011 is with @properties' Market Reports. The reports instantly generate real time market stats for almost every neighborhood and village in the Chicagoland area. You can drill down to view market stats for specific housing types and sizes, and observe trends over 3, 6 or 12 months. While on the site, search Chicagoland's most complete property database, and sign up to receive New Listing alerts and Status Updates for properties you want to track.

If you're considering a real estate transaction, now is the perfect time for us to sit down and discuss potential buying or selling strategies. Contact me at your earliest convenience, and please keep me in mind if you know of someone who is looking to buy or sell property this year.

City of Chicago Market Comparison: 2010 vs. 2009 Totals
City of Chicago Total $ Volume Days on Market Average Sales Price
2010 $5,619,459,483.00 150 $284,948.00
2009 $5,587,165,396.00 156 $279,904.00
2010 vs. 2009 $32,294,087.00 -6 $5,044.00
% Comparison 0.6% -3.8% 1.8%


North Shore Market Comparison: 2010 vs. 2009 Totals
North Shore Total $ Volume Days on Market Average Sales Price
2010 $1,502,902,690.00 196 $656,576.00
2009 $1,183,205,540.00 207 $655,516.00
2010 vs. 2009 $319,697,150.00 -11 $1,060.00
% Comparison 27.0% -5.3% 0.2%

Source: Broker Metrics. Data supplied through MRED LLC, based on closed transactions for detached and attached single-family homes and parking. North Shore includes Evanston, Wilmette, Kenilworth, Winnetka, Glencoe, Highland Park, Lake Forest and Lake Bluff. 1/1/10 - 12/31/10 vs. 1/1/09 - 12/31/09.