The year starts off with a bang and more good news..December Illinois Home Sales Mark the Sixth Month of continual year-over-year gains . Sales in the Chicago-North Shore area up 1.3 %!

The Illinois Association of Realtors latest review shows that statewide home sales (including single family and condominiums) in December 2011 totaled 8,828 homes sold, up 14.0 percent from 7,746 home sales in December 2010. Unseasonably warmer weather, historically low mortgage rates and attractive market pricing led to a sixth straight month of increases in home sales, according to data released by the Illinois Association of REALTORS® (IAR) today.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 3.94 percent in December 2011, down from 4.0 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in December it averaged 4.80 percent. The mortgage rates dropped again this week ending January 20th with rates averaging 3.88 percent!

“Housing market forecasts for January, February and March 2012 for Illinois and the Chicago PMSA suggest that sales volume will be significantly higher than the same period last year, although prices will still be lower than a year ago. Until these foreclosed properties and additions expected in 2012 clear the market, sustained upward movement in prices will be unlikely,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

More than half of Illinois counties reporting including North Shore, cook county (52 of 100) showed year-over-year home sales increases in December 2011. Forty-three (43) counties showed year-over-year median price increases. “December ended the year with an optimistic showing of North Shore buyers coming out and making decisions about investing in a home. “While the year-end numbers for 2011 were down over 2010, a positive upward trend in sales toward the end of the year is a great indicator of a strong 2012 winter and spring season for buyers and sellers, alike, looking to get off the fence,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS®.

In the city of Chicago, December 2011 home sales (single family and condominiums) totaled 1,536, up 6.4 percent from 1,444 homes sold in December 2010. The city of Chicago average or median home sale price for December 2011 was $156,000, down 6.2 percent compared to December 2010 when it was just $166,250.

The Illinois Association of REALTORS® is a voluntary trade association. In addition to serving the professional needs of its members in conjunction with the multiple listing service MLS, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

Find Illinois housing stats/analysis/data/reports/outcomes marking January through February of 2012 and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.

You may also stop by our Glencoe Coldwell Banker office for an in-depth explanation of this report or for specific reporting in a North Shore area or town.  We are located at 640 Vernon Ave in beautiful downtown Glencoe, Illinois.

 

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