Steady, stabilizing Chicago-North Shore area real estate data just released for May-2012, shows home sale performance was the best since 2007 figures.  Year-over-year median sales prices moved into positive territory in the Chicago area for the first time in more than four years, per figures released by the Illinois Association of REALTORS®.

Additionally an ongoing incentive for North Shore buyers, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore-Central region was 3.83 percent in May 2012, down from 3.89 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in May it averaged 4.67 percent. Additional mortgage rate detail for the area can be seen in the NSBAR-North Shore-Barrington Association of Realtors figures below (click to enlarge):

More than half of Illinois counties reporting (59 of 100) showed year-over-year home sales increases in May 2012. Fifty-one (51) counties including Chicago’s North Shore area showed year-over-year median price increases including Cook, up 3.0 percent.

Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois states: “For the first time since the recession began, median house prices are increasing on an annual basis and are forecast to continue this trend through the end of the summer. The weaker than expected job figures for the last few months appear not to have affected the housing market; inventories are down, sales volumes are up and the pending sales index is at its highest point since 2008.” Statistical data created by NSBAR supports the current trend of decreased inventory with increased demand for North Shore real estate. The figure below represents the ratio of houses for sale volume vs. the number of North Shore homes sold or sales volume. The higher the S/D (supply/demand) ratio, the more supply there is in relation to demand (click to enlarge):

The statewide home sales figures (including single-family homes and condominiums) in May 2012 totaled 11,984 homes sold, up 22.1 percent from 9,815 home sales in May 2011. This was the best May performance since 2007 when 14,493 homes were sold in Illinois. Specifically on Chicago’s North Shore first time home buyers, investors, as well as buyers making a move up are experiencing ongoing low interest rates and exceptional pricing.  Rental supply of homes appears to be dropping, with the rate of rent increasing. Once indecisive buyers are making a move and getting back into the real estate market, ready to buy NOW!

Find additional Illinois housing stats data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.

Sales and price information is generated by Multiple Listing Service closed sales reported by 31 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of June-July 2012 for the period May 1 through May 31, 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.

Use our North Shore Coldwell Banker Residential Real Estate office as a source of information and a guide for real estate statistics, reports, analysis, trends, outcomes, and overall insight for North Shore markets.  We are located at 640 Vernon Ave in downtown Glencoe, Illinois 60022. Any of our top performing real estate professionals can assist you.

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