The real estate surge continues on Chicago’s North Shore…. Illinois home prices rose again in July leading into August and September of 2014, marking nearly two years of annual gains; according to recent market action reporting from the Illinois Association of REALTORS®.
The statewide median price in July was up 7.2 percent from July 2013. On the North Shore of Chicago, buyers appear to be taking advantage of enticing market trends. The steady flow of real estate purchase appeal appears to be forcing prices higher, a market development seen through much of this year. Activity is picking up in the upper price tiers. Rents continue to climb in most metros. And interest rates are generally lower than a year ago. Prices forged onward. The Median Sales Price increased 1.5 percent to Market Times were down 27.8 percent to 81 days. The average time it takes to sell a home continues to decline. In July, it took 65 days on average to sell a home in the state, down 9.7 percent from 72 days last year. The average time to sell a home in the Chicago and Northern Shores area hovered around 50 days in July, and 43 days in the city of Chicago.
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.11 percent in July 2014, down from 4.17 percent in June, according to the Federal Home Loan Mortgage Corp. In July 2013 it averaged 4.35 percent.
An additional note as fall approaches.. Inventory remains relatively low. Now is an ideal time for sellers to re-evaluate their own long-term real estate plans and consider preparing their home for a fall sale. Interest rates remain historically low, and buyers are still enthusiastically pursing properties in several North Shore-Chicago markets.
Thirty-three (33) of 102 counties in Illinois showed annual home sales increases in July 2014. Fifty-six (56) counties showed year-over-year median price increases including North Shore Cook, up 7.7 percent.
Sales and price information is generated by Multiple Listing Service closed sales reported by 30 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Aug. 7, 2014 for the period July 1 through July 31, 2014 and into August as well as September. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
Find Illinois housing stats, data and the University of Illinois REAL forecast atwww.illinoisrealtor.org/marketstats.
Optimal North Shore customer service, integrity, high-ranking market knowledge, communication and negotiation skills, closing preparation, helping individuals find the right home, marketing the home being sold, and overall satisfaction, all the areas Gloria Matlin strives in, and has continued to do for over 25 years. Let this seasoned real estate professional assist you this fall with buying, selling, relocation assistance, investing, or simply to inquire and find out more information. She is located at Coldwell Banker’s premier, top performing residential real estate office – 640 Vernon Avenue, Glencoe, Illinois, 60022.