The real estate business in Chicago has always been known for rising and falling as seen in the past few years. Each year has a unique market trend that characterizes it. Chicago real estate law firm Several issues do come up in the business. Several factors also determine the market trend for each passing year.
In the current 2012, the Chicago real estate market trends have been on the declining side. According to current reports on Trulia, the entire market trend for 2012 has been declining all over Chicago. There’s a decline in the Median Sales for Chicago homes as from January 12 to March 12, 2012. The price stands at $160,750. This shows a 13.1% decline compared to the decrease of 10% seen in 2011.
The Trulia report also says that sales prices in the market have also depreciated since the last 5 years up to this present 2012. Actually, there’s a little bit of increase in the average listing price within April 2012. The report holds that the average listing price for homes earmarked for sales stood at $388,423 as at April 25, 2012. This shows a little increase of $2,854 or 0.7% compared to the previews week.
Again, there’s also a decline in the price per square foot in Chicago. The average price per square foot stands at $124 as at April 2012. This, shows a decrease of 12.1% compare to what was obtainable on April 2011.
The 2012 market trend for Chicago real estate also shows a concentration of sales on specific neighborhoods. The most popular neighborhoods that are attracting real estate sales include Lincoln Park, North Side, Wicker Park, Loop, Bucktown, and De Paul. The housing market is quite hot in these areas. Investors are busy buying and selling in the mentioned areas.
Meanwhile, there are current trends and news on the Chicago Real estate market conditions. For instance, the US Treasury Department reports that 35% of home sales in Chicago are distressed compared to the 34% seen nationwide. The current May Issue of the “Chicago Tribune” also reports that the current Chicago home sales market is fragile. This is as a result of large number of lengthy foreclosures process times, vacant homes, and low mortgages.
In any case, the year 2012 is still on course. We’re yet to hit the middle of the year. Although the current Chicago market trends seem to be on the decrease, experts still hope the conditions will change. The housing market tends to be unstable, while financial uncertainty. The pendulum can swing to any side depending on the prevailing economic situations. There’s hope for more investors into the Chicago real estate market. Prices for homes and other properties are expected to appreciate. The future still holds a lot a for the real estate market in the Chicago city.