First-Time Homebuyers Account for Majority of Illinois Sales in 4Q 2010

by Chicago Agent

The Chicagoland region ended 2010 nearly even with home sales in 2009 while statewide the Illinois housing market continued to ride out the turbulent economic times boosted by sales from the homebuyer tax credits.

Image by Tanya Constantine/Corbis

Image by Tanya Constantine/Corbis

According to the Illinois Association of Realtors (IAR) fourth quarter report, Illinois home sales (single family and condominiums) totaled 21,957 down 26.6 percent from 29,922 home sales in 4Q09. The 4Q10 statewide median home sales price was $144,000, down 7.0 percent from $154,900 in 4Q09. The median is a typical market price where half the homes sold for more, half sold for less. For the year, the statewide median home price was down 3.2 percent to $152,000 compared to $157,000 in 2009.

“More than 53 percent of homebuyers were first-time buyers, according to the 2010 Profile of Illinois Home Buyers and Sellers, which is more than the national rate of 50 percent and significantly higher than the average since 2001 of 40 percent,” says Realtor Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of Realtors and the Development and Operations Coordinator for Traders Realty in Peoria. “Affordability conditions remain good for first-time buyers although credit-worthiness and lender documentation requirements have become hurdles for some would-be buyers.”

In the Chicagoland Primary Metropolitan Statistical Area (PMSA) total home sales (single-family and condominiums) were down 27.8 percent in 4Q10 to 14,392 homes sold compared to 19,943 home sales in 4Q09. The region’s 4Q10 median price was $172,500, down 7.8 percent from $187,000 in 4Q09. The Chicagoland PMSA median home sale price for 2010 was $185,000, down 5.6 percent from $196,000 in 2009.

In the city of Chicago, total home sales (single-family and condominiums) in 4Q10 were down 32.5 percent to 3,804 sales compared to 5,638 sales in 4Q09. The city of Chicago median price was $195,000, down 9.3 percent from $215,000 in 4Q09.

For the year, home sales in the city of Chicago were off 1.6 percent with 19,089 sales in 2010 compared to 19,398 sales for 2009. The 2010 median sales price for the city of Chicago was down 8.0 percent to $207,000 from $225,000 in 2009.

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