RE/MAX Reports That Home Prices Continued Upswing in October Across Metro Chicago Real Estate Market

CHICAGO - Nov. 15, 2013 - PRLog -- CHICAGO, Nov. 15, 2013 – October home sales in the metropolitan Chicago real estate market extended the trends that have characterized the local market in 2013.  Both the median sales price and the number of homes changing hands increased when compared to the same month a year ago.  Time homes spent on the market declined, RE/MAX reported.

The October median home sales price rose 15 percent to $176,000, and the number of home sales increased 10 percent to 9,179 units.  Those results indicate that the market is maintaining its solid upward momentum even though October increases weren’t quite as strong as those achieved in the July-September quarter when the median sales price rose 16 percent and closed sales were up 31 percent.  That shift is in line with historic norms, as housing market activity often declines somewhat in the fourth quarter.

Homes sold in October spent an average of 95 days on the market before going under contract, compared to 140 days a year earlier.

The inventory of detached and attached homes for sale fell about 3 percent in October when compared to the prior month.  There were 34,265 homes for sale at the end of October.  That total equals a 3.7 month supply of homes.  Earlier this year, the supply of homes for sale fell as low as three months and was as high as 5.6 months.

Distressed properties, which are foreclosures and short sales, accounted for 34 percent of all homes sold in October.  A year earlier, sales of distressed homes were 43 percent of the October total.

In each of the seven counties that make up metro Chicago, the number of homes sold increased in October compared to the same month last year.  The median sales price rose in six counties, and was up more than 20 percent in Kane, Lake and McHenry counties, as well as in Chicago.

For the second month in a row, Kane County had the largest gain in median sales price compared to October of last year, rising 23 percent to $166,000.

For the six other Chicagoland counties, October results were as follows:  Cook up 17 percent to $175,000; DuPage up 6 percent to $205,500; Kendall down 2 percent to $160,000; Lake up 22 percent to $182,750; McHenry up 21 percent to $159,500 and Will up 14 percent to $171,000.  In the City of Chicago, the median sales price climbed 24 percent to $218,000.

Increases in closed transaction volume were achieved in all counties.  Kendall County tops the list with 184 closed sales, a 14 percent increase over the same month last year.  Will County was second with 785 sales, a 13 percent increase.

Sales gains in the other counties were:  Cook up 11 percent to 5,275 homes sold; DuPage up 9 percent to 1,038 homes sold; Kane up 4 percent to 639 homes sold; Lake up 6 percent to 866 homes sold and McHenry up 10 percent to 392 homes sold.  In Chicago, 2,241 homes sold, an increase of 8 percent.

Average market times for October range from a low of 77 days in Kendall County to a high of 116 days in McHenry County.

Sales of Detached Homes

October closed sales of detached homes totaled 5,757 units, 10 percent more than in the same month last year.  The median sales price climbed 19 percent to $198,000.  The average market time was 97 days, 29 percent less than 136 days a year earlier.

The county-by-county results for detached home sales, comparing October 2013 with October 2012, are as follows:

Cook – Closed sales totaled 12 percent higher, with 2,898 units sold.  The median sales price gained 16 percent to $180,000.  In Chicago, 884 homes sold last month, an 8 percent increase.  The median price was $165,000, up 20 percent.

DuPage – Detached sales totaled 646 homes, a 6 percent increase.  The median price was $261,750, up 4 percent.

Kane – Closed sales totaled 507 units, a 5 percent increase.  The median price was $190,000, up 24 percent.

Kendall– Closed sales increased 3 percent to 128 units.  The median sales price was $209,000, up 13 percent.

Lake – Closed sales totaled 646 units, a 0.3 percent increase.  The median price was $225,000, up 32 percent.

McHenry – Closed sales rose 13 percent to 318 units.  The median price was $175,000, up 17 percent.

Will – Closed sales were up 16 percent to 614 homes.  The median price was $187,000, up 12 percent.

Sales of Attached Homes

Sales of attached homes, primarily condominium apartments and townhouses, remained vibrant during October, comfortably topping the results of the same month last year.  Sales totaled 3,422 units in the metro area, up 13 percent.  The median sales price was $145,000, a 16 percent gain.  The average market time was 92 days, compared to 146 days a year earlier.

October results for each of the metro counties are as follows:

Cook – Closed sales totaled 2,377 units, up 10 percent.  The median sales price was $177,000, up 22 percent.  In Chicago, 1,358 attached homes were sold, up 8 percent.  The median sales price was $260,000, up 24 percent.

DuPage – Closed sales totaled 392 units, up 12 percent.  The median price was $127,000, up 6 percent.

Kane – Closed sales totaled 132 units, up 2 percent.  The median price was $118,500, up 10 percent.

Kendall– Closed sales totaled 56 units, up 47 percent.  The median sales price was $88,500, down 1 percent.

Lake – Closed sales totaled 220 units, up 26 percent.  The median sales price was $127,250, up 12 percent.

McHenry – Closed sales activity remained unchanged at 74 units.  The median sales price was $89,950, up 2 percent.

Will – Closed sales totaled 171 units, up 6 percent.  The median price was $135,100, up 23 percent.

The RE/MAX analysis is based on sales data gathered by MRED, LLC, the regional multiple listing service.