More glowing North Shore Real Estate news! As we spring into 2012 summer with a 15.7% surge…home sales volume reports display top numbers not seen in two years! In addition, statewide median prices show steady performance for the second straight month, per April-2012 housing data released by the Illinois Association of REALTORS®
Spring is traditionally a strong North Shore selling season, and this year proves no different with even greater outcomes. The low home prices and interest rates that are nearly a full percentage point below April 2011 levels are producing clear signals to buyers that they need to get off the fence.
“The fact that median prices remain steady and sales continue to outpace previous-year levels is a positive sign for the housing market,” stated Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS® he added that “despite the month-to-month increases in median prices, it’s clear that there still are very attractive deals out there.”
Bob Floss, president of the Chicago Association of REALTORS® stated “In the city of Chicago, a more than 19 percent increase in condo sales through April 2012 over the same time period last year is positive. With rents increasing in the city of Chicago and surrounding areas including the North Shore coupled with a limited supply of rentals available, renters are reviewing their options. Bob Floss added “historically low interest rates and great opportunities in the market are compelling to both first-time and move-up buyers looking to spend their dollars wisely and own their own home.”
An added bonus, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.89 percent in April 2012, down from 3.99 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in April it averaged 4.87 percent.
Statewide home sales including Chicago’s North Shore (including single-family homes and condominiums) in April 2012 totaled 9,961 homes sold, up 15.7 percent from 8,606 home sales in April 2011. This was the best performance volume since 2010 when 10,897 homes were sold in April.
In the nine-county Chicago Primary Metropolitan Statistical Area, which includes North Shore area Cook and Lake counties (PMSA), home sales (single family and condominiums) in April 2012 totaled 6,814 homes sold, up 19.3 percent from April 2011 sales of 5,710 homes.
Sales and price information is generated by Multiple Listing Service which includes North Shore closed sales reported by 31 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of May 7, 2012 for the period April through June 2012. 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 at www.illinoisrealtor.org/marketstats
Our Coldwell Banker Residential real estate office in downtown Glencoe, Ill-640 Vernon Ave, 60022; can be a source of information regarding this and other North Shore real estate market reports. Feel free to stop in and let any of our high performing, top ranked realtors assist you.