We have reported on January’s figures thanks to REAL Trend and NAR and the Illinois Association of Realtors, now we have sales data for February 2010 in courtesy of the National Association of Realtors.
The news for the nation is that of slowed growth and steady home sales.
Nationally existing home sales declined slightly in February BUT there were gains here in the Midwest, with home sales increasing 2.8% over January and a huge 8.8% over the previous years February figures.
Existing home sales fell only 0.6% compared to the previous estimates BUT are 7% higher than February 2009! Chief Economist for the National Association of Realtors, Lawrence Yun says that sales have been higher than a year ago with steady increases in sales over the last 8 months. Prices are stabler than before. Part of the reason for the slight decrease in numbers after the long upward trend is that some closings were postponed due to the winter storms.
What will be interesting across the nation as well as here in Northwest Chicago is the next couple of months with the looming tax credit deadlines.
Distressed homes, generally sold at discount, accounted for 35% of sales. First time homebuyers purchased 42% of homes in February, which was up from January’s 40%. With the level of investors purchasing also increasing – up to 19% from 17% in January.
More exciting is in the detail – Single family home sales were 4.3% higher than the previous February, while the big news is for Condo sales – they were up 30.3% higher than February 2009!
Overall this is exciting news for the areas I serve – Schaumburg, Hoffman Estates and Bartlett IL as well as great news for the nation – the housing recovery process is well underway.
Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.
Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!
Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com
My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!
Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194
