It’s a matter of perspective

Add comment August 14th, 2008

Realtors will readily admit that the real estate market of 2008 is much tougher than in the glory days of 2005 and 2006 when it seemed bidding wars were the norm.

It’s even much tougher than 2007, after the subprime mortgage bubble burst. Still, they stress time and time again that the market is much worse elsewhere.

That’s true even within Illinois.

The Illinois Association of Realtors publishes home prices by county quarterly, using both means and medians. In the second quarter, out of 16 northern Illinois counties, just five saw increases in the median price compared to 2007.

Fortunately, three of the counties were in the Rock River Valley — Boone, Ogle and Stephenson counties.

Winnebago County, though, was among the decliners. According to the state association, which bases its statistics off numbers received from the Rockford Area Association of Realtors, the median price in the second quarter for Winnebago County homes fell from $129,900 in 2007 to $118,500, an 8.8 percent increase.

That’s a tough drop, but Cook County homeowners had it even tougher. There median prices fell from $285,000 to $250,000, a 12.2 tumble.

To take a look at the report click here.