Chicago's Real Estate Market

There was a great deal of hoop-la surrounding the end of the tax credit on April 30.  If you had a contract dated by April 30, 2010, and you qualified, you could earn a $8,000 tax credit as a first time home buyer, or a $6,500 tax credit for existing homeowners who were moving up.  This was the government's attempt to spur the real estate markets, and it did work.  All of my statistics indicated the decline in sales volume stopped by the end of 2009 and began increasing again.  The real worry was what will happen after the tax credit expires on April 30.

Well, the good news is that as of today, June 5, 2010, about 36 days after the tax credit program expired, there has been 4,247 new contracts accepted for detached single-family homes in the Chicago market area, and there has been an additional 1,941 contracts accepted for attached single-family homes.

It is expected that with our Spring market in place, that the pace of real estate would continue, but the concern was at what rate.  It is clear now that our market continues on!