I recently read an article published by Dr. Geoffrey Hewings in the January 2013 edition of Illinois Realtor which had some encouraging statistics in what we all hope will be a bounceback year for real estate. Here are some of Dr. Hewings findings…
Throughout the country and in Illinois specifically, jobless rates have fallen to 7.9% and 8.8% respectively, which represents about a 1% drop from 2011. Unemployment drives pretty much everything that we do in today’s economy. Pending home sales have trended up and decreasing listings drove a decrease in the housing supply from 11 months in October 2011 to 7 months in October 2012. At this rate, supply could become a problem. Illinois and Chicago are median home sale prices are projected to at $136,00+ and $157,000+ respectively by October 2013. This represents a slight increase from 2012.
All in all, let’s be encouraged by what we see in today’s real estate market. Although there is still plenty of steep terrain ahead, the climb is a little less grueling than the one we just experienced. Have a great 2013!