Sales, median prices show gains in September in Illinois [infographic]

September 2012 Illinois Market Stats Infographic

Read today’s news release by the Illinois Association of REALTORS®.

“If there is a headline from the first nine months of 2012, it is one of continued market stabilization,” said Michael D. Oldenettel, CRS, GRI, and Managing Broker/Owner with RE/MAX Results Plus in Jacksonville, Ill. “The prices, interest rates and consumers’ feelings about the economy are fueling improvements in the housing market.”

Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG: “Prices are in line with the amount of distressed product that’s still out there; we have to work through that inventory. We should continue to try to stabilize the lower half of the market, particularly the condo market in the city, which to a large extent is a function of consumer confidence and jobs.”

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One thought on “Sales, median prices show gains in September in Illinois [infographic]

  1. As the Managing Broker for Rzasa Realty I agree completely with Mr. Morris’s comment concerning the distressed condo market. Most banks and credit unions will not lend money for condo purchases if the price of the condo is less than $40,000. My buyers have been told “the smallest loan they will give is $40,000 and the association better be financially sound”. The inventory of lower price condo’s on the South & Southwest side of the City of Chicago and surrounding suburbs is overwhelming. My husband, Rich and I purchased a 2 bedroom condo for cash last year for $25,000 and rented it for $800 per month. Last month we purchased another one for $25,450 and rented it 30 days later for $800. This is a great time for investors to build their real estate portfolio and help stabilize the condo market.

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