Condos Now Affordable Due To Stable Illinois Real Estate Market
We all dream of living in a house that we can call our own
. Having to change homes often gets tiring after a certain amount of time and you cannot simply up and away every time. People require a certain degree of stability in their lives so that it can go on smoothly. Once you settle somewhere you gather roots and simply uprooting yourself and moving elsewhere will not be simply be possible after some time.But with the first great economic depression the price of real estate rose sky high and we are still dealing with the aftershock. This is in fact a situation that is happening worldwide. But quite recently the real-estate market in the Illinois State has shown economic stabilization.
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At the end of July this year, Illinois had the price index of 29.6 percent. Chicago especially showed one of the best price indices among U.S. cities with a 4.4 percent increase. This is the citys best since 1988.
The Regional Economics Applications Laboratory at University of Illinois projected in early August that Illinois will experience no change in the Real Estate prices in the third and fourth quarter and will remain fixed and there have been no fluctuations so far.
This has resulted in a decrease in the number of unsold condominiums from 8,222 in the year 2008 to 1,229 current approximate figures. This is the lowest in 15 years. That is why the sale of condominiums in Illinois has been high.
Subsequently the time it took to sell a home in Illinois was less in July. That is why there are now real estate agencies are touting quick house sales in Illinois.
The sales of single family homes for sale in Illinois are up by 27 percent from July 2011. Areas where the variety of revenue that was more than twice of what it had been a year before included Homewood, Mount Prospect, Inverness, Brookfield and Wauconda. The average price listed is currently about $339,767. Multi-family listings were tagged at the lowest price of $100 which is quite insanely low.
There are 31,296 listings of condos for sale in Illinois with an average list price $230,961. The average listing price for a 4 bedroom condo in Illinois is $502,893. Some listings even provide prices as low as $5,500. The highest average listing for condos in Illinois are in the 5 bedroom section. It touts an average of $2,146,978. The 6 and 8 bedroom condominiums shows average listing prices of $943,892 and $456,333 respectively. However 6 and 8 bedroom listings are of course at a very low number of active listings of 21 and 3 respectively.
Nevertheless the figures indicate that buying a home in Illinois might not be such a difficult dream. Most of this is thanks to the sellers providing realistic pricings. Also the different sellers say that the quality of buyers has improved. People are looking to buy when they can buy confidently and not when they could buy at the lowest prices possible.
by: JaxonParker