If you will recall on February 7 I posted my monthly update for the Chicago real estate market. At that time I reported that home sales were down by 7.1% from last year and that the Illinois Association of Realtors would report a 9.1% decline. Well, it turns out the IAR actually reported a 19.4% decline on February 21.
Guess what? That was a mistake. IAR just issued a revised report which shows that in fact sales only declined by 7.4% instead of 19.4%. The originally reported higher loss was the result of an error made by a third party data provider. They left out some data.
You'll notice that the 7.4% number is now much closer to my own estimate and also a little lower than my prediction that they would report a 9.1% decline. The reason for that is that they pulled the corrected data much later in the month when more sales had been reported. Therefore, in comparison to the final data from a year ago it looks a lot like my own reports that compare preliminary data to preliminary data.
Anyway, the Chicago real estate market is not as bad as had been originally reported by them and realtors can try to find some other explanation for not earning more money.
Gary Lucido is the President of Lucid Realty, the Chicago area's full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market, get an insider's view of the seamy underbelly of the real estate industry, or you just think he's the next Kurt Vonnegut you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.