Park Ridge TodayPark Ridge Illinois Real Estate and More

The AP reported that Midwest home sales were up 10% from this time a year ago. The data shows that roughly 68,000 homes were sold last month but the median price had dropped 2% to $128,000. For those of us that live around here, we know that $128k will get you a condo and that’s about it. 

The national data shows about the same increase – 8% – and the same decrease in median price – 2%.  Omaha, Nebraska had the worst drop in sales, 15% and Chicago had the highest jump of 33% in increased home sales. On the flip side, Chicago’s median price fell 10% – the worst in the region per the report.

As usual, we have good and bad with the reporting, but with the interest rates poised to stay low, there is increased optimism in the real estate community.

Other than a mostly beautiful weekend, all the talk around Chicagoland was about the Bears and their free agent signings this past Friday.  Not sure how deep your loyalties run, but I know I could turn the channel without hearing about the big splash they made in the free agent market.  Most of the talk about them was not so good before the pickups they made, but now it seems the optimism is back in Chicago. 

Amazing how quickly things can turn – now let’s do that with Real Estate in the area by extending the tax credit for first time home buyers and for people that have lived in their primary residences for the last 5 years. 

The recent report on November Sales was very encouraging, to say the least. Homes are starting to sell thanks to the new tax credits that were introduced and extended for new homeowners. Us REALTORS are excited and thankful for the boost and would advise lookers to get moving because these programs do have expirations.

Here’s more info in the new tax credits.