2020 here we come!
Analyzing sales across different segments (high, middle and low end) and neighborhoods, one trend that stands out is almost double market times compared to last January. This is true even for the very few hot spots where sales of condos are booming like Lincoln Park. With the exception of Lincoln Park, we continue to see lagging sales down about 15% compared to last year and low inventory. Median prices are flat with some exceptions, like the million plus homes where prices are way down. This was predicted in the 2020 economic conference downtown.
How could sales could be down when unemployment is at an all-time low, wages are up, and consumer confidence sky high?
Forget the stats for a second….the buzz on the street is Illinois is not a great place to invest in right now. That’s all anyone is talking about, whether for commercial or residential property. The National Association of Realtors tells us that buyer type searches for Illinois are by far the lowest in the country. People want to leave (so they are renting) or are already leaving. I hear something like this every day. I expect this could continue until Illinois gets its financial house in order. The most recent plan is the taxes on legalized marijuana and gambling, along with our new graduated income tax, will solve our crisis. Time will tell if these measures are enough.
With the slower moving market, and lower rates, this is a great time to be a buyer.
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