Great North Shore Real Estate news just released…In the nine-county, including North Shore, Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in September 2011 totaled 6,035 homes sold, up 13.3 percent from September 2010 sales of 5,326 homes. The median price in September 2011 was $160,000 in the Chicago PMSA, down 8.6 percent compared to last year in September when it was $175,000.
“Home sales are up significantly from last year and that’s a welcome signal for the Illinois housing real estate market; still we would expect to see even more people taking advantage of these excellent affordability conditions with low mortgage interest rates,” said REALTOR® Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS® and broker-owner of Century 21 Alonzo & Associates in LaGrange Park. “The slow economy and job recovery are severe drags on the market, plus many able buyers are hitting roadblocks on financing a property purchase due to the overcorrection in mortgage underwriting requirements. The fact that FHA home loan limits lowered on Oct. 1 for Chicago area counties and several downstate counties is another blow for would-be buyers.”
Adds Alonzo: “Illinois REALTORS® join the national REALTOR® organization as well as other housing industry groups and economists to urge action on reforms to housing financing as well as mortgage refinance programs for homeowners facing foreclosure.”
Sixty-three percent of Illinois counties reporting (63 of 100) showed year-over-year sales increases in September 2011. Forty-five percent (45 of 100) showed year-over-year median price increases.
In the city of Chicago, September 2011 home sales reports (single family and condominiums) totaled 1,498, up 6.8 percent from 1,403 homes sold in September 2010. The city of Chicago median home sale price for September 2011 was $190,000, up 5.6 percent compared to September 2010 when it was $180,000.
“September home sales in the city of Chicago-North Shore show signs of stabilization, with an increase in the units sold for both single family and condominiums,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and broker-owner of Bob Floss and Son Realty. “While interest rates remain historically low and prices compelling, we remain concerned of the overall economic stability of our marketplace with unemployment numbers and job creation still top of mind for so many buyers and homeowners, alike.”
The Chicago-North Shore PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
Review Illinois housing stats data and the University of Illinois REAL forecast office for October through November 2011 at www.illinoisrealtor.org/marketstats.