So, here we are, halfway through 2010 already! Now that I’ve made it through the 4th of July, I decided to take a look at the state of the real estate market over these first six months of the year.
From January 1-June 30 of this year, 169 single-family, detached homes sold - almost twice the number that sold during the same time period last year (86 sold in the first six months of 2009)!
This is significant increase is thanks to the extension of the home buyers’ tax credit and low interest rates, no doubt. Now that the tax credit has expired (as of April 30, 2010), it will be very interesting to see if buyers are still purchasing at such a brisk rate.
Incidentally, March of 2010 saw the highest number of contracts signed (45) since June, 2007 (when 41 contracts were signed)–presumably people rushing to be under contract by the tax credit deadline of April 30, 2010.
Along with the increase in the number of homes sold, there was also an increase in the prices – the average price of a sold home for Jan-June, 2009 was $601,784 vs. this year’s average price of $620,290 – about a 3% increase overall.
Now that the incentive of the tax credit is gone (but low interest rates remain), it’s likely prices may take a fall again.
Currently, there are 322 homes for sale in Highland Park with a median list price of $599,000. The abundance of inventory combined with favorable rates make it a good time to be house hunting!
If you’d like specific information about any other North Shore suburbs, feel free to contact me!
Stephanie Hofman, Coldwell Banker, Highland Park, IL
Rookie of the Year, 2009