Could the real estate housing market be turning around? That’s what millions of Americans are hoping will happen as the spring and summer selling season kicks off.
Some in the real estate market predict that this will be the turnaround year.
The Chicago Realtors Association broke down the numbers for WGN. President Matt Farrell says they are already noticing an upswing in prices with about a 25% increase in the median price since last year. Also, condo sales which stalled during the height of the recession are doing well.
Farrell says, “Our average days on the market is lower than it has ever been, even during the condo boom.”
The average listing time sits at 60 days right now.
Although signs of a recovery are everywhere, there are areas where the improvement isn’t being felt and it may take years before it trickles down to those neighborhoods. Lagging behind are some of Chicago’s poorest communities like on the city’s south and west sides.
Meanwhile, new construction has noticed a resurgence with more condos and single family homes being built in parts of Lincoln Park, Wicker Park and Logan Square.
The Illinois Realtors Association has a breakdown of the numbers www.illinoisrealtor.org