What a great way to end the year, with continual North Shore real estate news…Illinois home sales were up 14.2 percent in November!!

According to the Illinois Association of REALTORS® (IAR) latest report, statewide home sales (including single family and condominiums) in November 2011 totaled 7,954 homes sold, up 14.2 percent from 6,966 home sales in November 2010.

“Signs are emerging that a recovery in the housing market is underway including the steady uptick in home sales activity, which is expected to continue into the new year. As we move through the distressed properties, predominant in the Chicagoland market, and begin to see more positive reports on the jobs front we will be looking for some stabilization in home prices to coincide with the rising home sales”; said REALTOR® Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS®.

The added bonus, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.0 percent in November 2011, down from 4.07 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in November it averaged 4.30 percent.

In the nine-county Primary Metropolitan Statistical Area including Chicago’s North Shore-Glencoe (PMSA), home sales (single family and condominiums) in November 2011 totaled 5,453 homes sold, up 20.7 percent from November 2010 sales of 4,518 homes. The median price in November 2011 was $150,000 in the Chicago PMSA, down 14.3 percent compared to last year in November when it was $175,000.

“Little by little, there is some accumulating evidence that there may be some measure of recovery in the housing market,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

Fifty-two percent of Illinois counties reporting (52 of 100) showed year-over-year home sales increases in November 2011. Forty-one percent (41 of 100) showed year-over-year median price increases including Cook county.

“The market is being stimulated by buyers who are doing their homework and buying at the most compelling price they can, while sellers are working aggressively with their REALTORS® to price their homes to sell,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS®.

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 December 7, 2011 for the period November through December, 2011..ending reflection through January 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.

For the complete view of stats, analysis, reports, outlook or forecasts visit the Illinois REAL site: HERE

Gloria Matlin’s office is located at 640 Vernon Ave, downtown Glencoe, Illinois.  The top producing, top ranked office has been serving the North Shore real estate market for over 45 years.  We provide up to date-real time and relevant market data, property reports, mortgage resources, things to do and see/events in the community, general area information, inventory lists which can include homes for sale, as well as homes for rent on Chicago’s North Shore.  Stop by today, we look forward to providing optimal service!

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