Real Estate is Local….

Another example of how national real estate reports aren’t indicative of local results…….

Pending home sales may be strong for U.S., but not Chicago condos

Yesterday the National Association of Realtors released its Pending Home Sales Index for October 2009 which was up 3.7% from September and up 31.8% from October 2008. The index is at its highest level since March 2006. The Pending Home Sales Index is a forward-looking indicator of housing sales since it measures contracts for home purchases that have not closed yet. The Pending Home Sales Index isn’t released until one month after the month reported.

Based on Northeast Illinois’ multiple listing system (Midwest Real Estate Data) pending sales for houses in Cook County and Chicago are at highs for the past 2 years following the national index.

Cook County and Chicago pending condo sales tell a very different story. June through October pending sales for condos in Cook County have been fairly flat and well below pending sales for the spring of 2008.

Technorati Tags: Chicago Condos, Pending Home Sales