The Illinois Association of Realtors recently reported that October home sales in the Chicago area were 15.4% down from last year. That being said, prices inched up less than 1% from last year. The Chicago Tribune reported that Chicago-area condo prices fell about 5% in October although prices were still up about 3% for the year.
Homes that are distinctive, priced right and done well are selling. The people who are especially having a rough time are those in highly competitive areas that have a lot of new development. We have implemented specific strategies for those cases.
The other trend that we are seeing is that buyers are taking their time in making a decision. There is a lot of inventory and plenty of talk in the media about this being a buyer’s market. These two dynamics lead to buyers who are looking for deals.