Nationally, as of December 2011, real estate prices continued to fall with average prices down 1/3 from the top of the market. The data shows us what most had already guessed - Chicago has fallen with the national average, Las Vegas fell by 60%. In general, prices have been falling about 1% a month for the past four months.
Locally, open house traffic has been brisk, but despite warm weather, many buyers and sellers are waiting for the official frost date to pass. I have 34 acres listed at the Fall Creek Gorge. Photos on House & Land on Facebook.
In searching for buyers for this tract and for a seller with 10 acres above the high water mark along Illinois RT 57, I have visited with nearly every owner between Seehorn and Marblehead. Most do not want to part with what they have, but a couple tracts are possibly available, though not listed for sale, atop the bluffs, one with a fabulous view. Also, clients tell me class A farmland in the South Quincy bottoms recently received auction bids above $11,000 per acre. They left the proceeding when the bidding reached $11,400. (Photo "Dawn's Foggy Light" courtesy of Jim Meinbendir productions)
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