YTD condo closings up 45% over 2009

In the first six months of this year, condo sales have dramatically increased compared to the first half of 2009. And June closings were up 26% over May.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through June 2010 are:
* Up 42% in total dollar volume, to $1.8 billion
* Up 45% in units closed, to 5,630
* Down 6% in median sales price, to $263,700
* Down 6% in average market time, to 148 days.

Comparing June sales to May:
* Units closed were up 26%, from 1,083 to 1,365 closings
* Dollar volume was up 27%, from $341 million to $434 million
* Median sales price was up 2%, from $264,900 to $270,000
* Average market time was flat, at 144 days

For details on month-over-month and year-over-year: click here.
For previous market reports: click here.

Recession? What Recession?

The real estate industry has been slammed, but Keller Williams has endured times like this before. "Keller Williams was founded 26 years ago during one of the toughest markets on record - when interest rates were higher than 18 percent," says CEO Mark Willis. "So our business model prepares us for fluctuating economic situations."

The key, Willis says, is understanding that the consumer does business with the agent and not with the company: "We can only grow if our agents do."

With that in mind, Keller Williams has survived the downturn by focusing on supporting and educating its agents. Throughout 2009, agents had free online training, regional seminars on using technology and social media as sales tools and a tour of North America by the company's co-founder, Gary Keller. Keller also laid out the tactics in his new book, Shift: How Top Real Estate Agents Tackle Tough Times. The most important tactic for Keller Williams franchisees, according to Willis, is "leading with revenue" - that is , spending only money that the business has generated. It seems to have worked. The company saw a cumulative 86 percent increase in franchise owner profits for 2009, and while the National Association of Realtors' membership decreased by 7 percent, Keller Williams' agent count grew to more than 76,000.

By Tracy Stapp, Entrepreneur Magazine, May 2010

The Numbers Speak For Themselves

2009 Mortgage Rates

Diane Swonk, chief economist of Mesirow Financial, predicted in late December 2008 that 30-year fixed rate mortgages “could go below 5%” in 2009.

The average nationwide rate of a 30-year fixed rate mortgage dropped to 4.71% on 12/03/09, an all-time record low.

(source: Money, Freddie Mac)