A Continuation of great North Shore real estate news…according to the Illinois Association of REALTORS® (IAR) latest report released last week, statewide home sales (including single family and condominiums) in October 2011 totaled 8,536 homes sold, up 15.3 percent from 7,402 home sales in October 2010. The statewide median price in October was $130,000, down 10.3 percent from $145,000 in October 2010. The median is a typical market price where half the homes sold for more, half sold for less.
In the nine-county Chicago Primary Metropolitan Statistical Area including North Shore real estate (PMSA), home sales (single family and condominiums) in October 2011 totaled 5,778 homes sold, up 23.7 percent from October 2010 sales of 4,670 homes. The median price in October 2011 was $149,900 in the Chicago PMSA, down 15.3 percent compared to last year in October when it was $177,000.
“The continued expectation of some gains in housing sales after several months of positive activity trends suggest that some buyers are seeing value in the market.” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “The economy continues to be a drag on the housing market recovery with U.S. recovery affected by the turmoil in Europe.”
“The increase in units sold in the city of Chicago continues to show the absorption of distressed properties (short sales and or foreclosures) in the market,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS® and broker-owner of Bob Floss and Son Realty. “Prospective buyers in the market are making investments that make sense long-term. Those who haven’t considered buying are encouraged to work with a REALTOR® to assess their individual buying power in today’s market, re-evaluate renting options and plan how they may make a purchase given historically low interest rates and their own financial ability.”
Forty-seven percent of Illinois counties reporting including cook county, (47 of 100) showed year-over-year home sales increases in October 2011.
Sales and price information is generated from a survey of Multiple Listing Service (MLS) sales reported by 31 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of November 2011 reported for the period October 1 through October 31, 2011. 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.
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