Seat of the pants feeling on home prices backed up with some market stats

Your Guide was chatting around the office cooler with colleagues yesterday.  We were discussing experiences with challenging sellers over the past couple weekends.  The consensus of our conversation is that prices were not as stable as we thought they were a month ago. 

An interesting article from the Chicago Sun Times (link here) examining statistics from the Illinois Association of Realtors examines prices in Chicagoland and reveals that the volume of sales is up – the 8th straight month in a row.  But prices are down significantly.  

Chicago metropolitan area home sales jumped 32 percent in February from a year earlier, the eighth straight increase, but the median price dropped 10.3 percent, the Illinois Association of Realtors said Monday.

We had seen signs that prices stabilized in November and December last year.  But the slide has started again. 

As Your Guide was working with Lincoln Buyers last week, here is the market data for the Lincoln Park neighborhood.  (Steve and Karen, this chart’s for you!)

Zillow Home Value Index
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UPDATE:  Great article from the Medill/Northwestern School of Journalism about the rising foreclosures in affluent neighborhoods of Chicago including Lincoln Park and Roscoe Village.

In the Lincoln Park neighborhood, foreclosures shot up 103.2 percent in the second half of 2009, according to the Woodstock Institute.

In fact, the number of foreclosures in swanky neighborhoods throughout Cook County last month drove the county’s foreclosures to highest level since the recession began with a total of 4,426 in one month, up 76 percent from 2,517 in the previous month and up a whooping 703 percent from 551 in September last year, according to RealtyTrac.