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Recovering Condo Market Helped Metro Chicago Real Estate Market Reports RE/MAX

Propelled by strong condominium sales in Cook County, attached homes led the metro Chicago real estate market to its most active December since 2006, according to RE/MAX.

 
PRLog - Jan. 22, 2013 - CHICAGO -- CHICAGO, Jan. 16, 2013 – Propelled by strong condominium sales in Cook County, attached homes led the metro Chicago real estate (http://www.illinoisproperty.com/) market to its most active December since 2006, according to RE/MAX.  Combined sales of attached and detached homes in the seven-county metro area were up 20 percent to 7,281 units when compared to the same month last year.  Sales of attached homes rose 23 percent to 2,661 units.

The median sales price for all homes sold in December was 5.5 percent higher than in December 2011, reaching $153,000, while the median sales price for attached homes climbed 7.5 percent to $123,600.  The average market time, which is the average number of days a home sold in December was on the market before a sales contract was signed, dipped to 138 days for all homes, down from 174 days in December 2011.

Those findings are based on an analysis of transaction data compiled by Midwest Real Estate Data, LLC (MRED), the regional multiple listing service.

“The good news continues on the real estate front.  Condominium sales are strong; distressed property inventory is depleting and is being sold at higher prices.  The ‘fiscal cliff’ has been avoided.  We are in solid recovery mode,” said Laura Ortoleva, media spokesperson for the RE/MAX Northern Illinois real estate (http://www.illinoisproperty.com/remaxil/default.asp?p=ill...) network.

Total December home sales activity rose in each of the seven counties when compared to year-earlier results.  Kendall County (177 units sold) and McHenry County (343 units sold) had sales gains of 26 percent.  In Lake County, sales were up 25 percent to 682 units.  Sales also rose 21 percent in Cook County (4,188 units sold), 14 percent in DuPage County (798 units sold), 16 percent in Kane County (502 units sold) and 10 percent in Will County (590 units sold).  

Sales in the City of Chicago rose 16 percent to 1,853 units, and the city also recorded a 16 percent year-over-year gain in the median sales price for the second consecutive month.  The December median was $179,900.    

On the pricing front, results were mixed for the seven counties.  The median sales price rose in three counties, fell in three counties and was unchanged in one.  Gains were achieved in Cook (up 8 percent to $150,000), Kane (up 9 percent to $142,270) and Will (up 12 percent to $155,000) when compared to December 2011.  The median price in DuPage County was unchanged at $185,000, while it declined in Kendall (down 2 percent to $146,470), Lake (down 5 percent to $156,500) and McHenry (down 1 percent to $138,500).

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Source:RE/MAX
Phone:847 428 4200
Zip:60123
Location:Chicago - Illinois - United States
Industry:Business, Consumer
Tags:chicago real estate
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