Still cruising along on our 2009 year-end look at the US Housing Market by region. Here’s the 2009 year-end Median Ask Price and Active Inventory trends for the great Midwest – Chicago, St. Louis, Indianapolis and Minneapolis, with some quick analysis based of what we’re seeing in each city.
We’ll be releasing the January 2010 Real-Time Real Estate Report in a few days. Register now to receive this release and download December’s edition while it’s still available. (Yep, it’s free.)
- All four markets are showing steady declines in the number of active listings – there’s a steady trend downward since July 2008 in each with Chicago exhibiting a seasonal bump in 2009.
- Minneapolis has shown some interesting price increases throughout 2009. However, the gap between the price of new listings entering the market and the existing homes for sale is widening.
- Chicago’s slide continues into its 4th year. Asking prices continue to drop off after short term seasonal bumps in the Spring. A look at the price of new listings and ask prices also reveals that the city is headed to a new price floor in 2010.
- Broadening the Chicago area analysis to the encapsulate the entire metro region shows similar trends – weaker prices and elevated inventory levels.
- Indianapolis and St. Louis exhibit largely seasonal trends as well – price strength in the Spring then a fall off as the year moves along.
Watch these seasonal markets closely in January, particularly inventory levels and the new seller entry prices to see when the Spring seasonal effects begin. By May or June, we’ll have a sense as to whether these markets can hold their expected gains, or begin another annual descent later as the year progresses.