Pent-up buyer demand plus low interest rates and the homebuyer tax credit incentive yielded a second month of double-digit gains for Illinois home sales in November, in stark contrast to home sales one year before. According to the Illinois Association of Realtors latest report, statewide total home sales (which include single-family and condominiums) in November 2009 reached 10,361 homes sold, up 64.0 percent from November 2008 sales of 6,317, marking the third consecutive month of year-over-year sales increases in Illinois. The statewide median price in November 2009 was $155,000, down 4.3 percent from $162,000 in November 2008. In the Chicagoland Primary Metropolitan Statistical Area (PMSA), year-over-year home sales were positive for the fifth consecutive month, up 71.6 percent to 6,826 homes sold (single-family and condominiums) in November 2009 compared to 3,978 homes sold in November 2008. The median home sale price for the Chicagoland PMSA was $189,000 in November 2009, down 9.1 percent from $207,995 in November 2008. In the city of Chicago, November total home sales (single-family and condominiums) were up 69.9 percent to 1,859 sales compared to 1,094 homes sold in November 2008. The city of Chicago median price in November 2009 was $215,000, down 3.4 percent compared to $222,500 in November 2008.

The Twin Cities is reporting some good news. According to the Saint Paul Area Association of Realtors, November closed home sales were up 67 percent from one year ago. There were 4,304 closed home sales in November 2009, compared to 2,577 in November 2008. Closed home sales decreased 6.23 percent from October ’09, when there were 4,590 sales compared to 4,304 in November. Year-to-date closed home sales for the 13-county metro area are up 17.2 percent from 2008. There have been 42,215 closed home sales in 2009, compared to 36,018 in ’08. Meanwhile, November 2009 pending sales were up 10.2 percent from a year before. There were 2,987 pending sales in November 2009, compared to 2,711 in November 2008. Pending sales continue to be up 19.6 percent with 49,474 reported during the first 11 months of the year, compared to 41,353 a year before. “Pending sales continue to be strong even as we head into the slower, holiday months,” said Rae Jean Malone, president of the Saint Paul Area Association of Realtors. “We continue to see historically low interest rates, very favorable selling prices, lower inventories, and the first-time homebuyer tax credit as the impetus to the strong pending and closed sales. Consumers are regaining confidence in the real estate market as a good investment once again.”

Despite the often-gloomy housing market headlines, one St. Louis-area homebuilder has reason to celebrate. For the second year in a row, Consort Homes has been given a 100 percent satisfaction rating by its customers while experiencing a surge in sales. In an independent survey conducted by Saint Paul-based market researchers Woodland, O’Brien & Associates Inc. (WOA), 100 percent of customers indicated that they were happy with their Consort Homes experience and would be willing to refer. This is the second consecutive year Consort has achieved this rating, “something we virtually never see,” according to the report from WOA. In addition to a record customer service rating, Consort Homes says it has also experienced a surge in sales. In the past six months, its year-over-year sales are up 13 percent. The sales increase comes despite a 12 percent decrease in traffic coming through the Consort sales office. Management attributes the increase in sales despite a decrease in traffic to the high levels of customer satisfaction and referrals from existing homeowners. In fact, the WOA survey showed that almost 70 percent of existing customers report having referred Consort Homes between one and 10 times.