The good North Shore real estate news remains consistent! Illinois-North Shore saw a 16.1% increase in home sales. This is the strongest Illinois Association of REALTORS®. January home sales data since 2007!

Statewide home sales including North Shore-Cook County (single-family homes and condominiums) in January 2012 totaled 6,435 homes sold, up 16.1 percent from 5,543 home sales in January 2011. The statewide median price in January was $122,500, down 9.3 percent from $135,000 in January 2011. The median is a typical market price where half the homes sold for more and half sold for less. Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in January 2012 totaled 4,447 homes sold, up 15.7! The city of Chicago median home sale price for January 2012 was $149,000, down -0.7 percent compared to January 2011 when it was $150,000.

Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS® stated “Whether you’re a seller or a buyer, there are positives to this data. He continued by saying that “After years of standing on the sidelines, buyers are finding this is the right time to get into affordable housing. While sellers may not be getting all of the money they want for a house, they are getting traffic and interest at levels that haven’t been seen in several years.” “Motivated buyers and sellers moving in what has been a mild Chicago winter has helped move both distressed and traditional properties.

Based on the current North Shore market report, the month of January gave 2012 a solid surge in North Shore real estate home sales as well as the city of Chicago. The average commitment rate for a 30-year, fixed-rate mortgage for the Chicago North Shore region was 3.92 percent in January 2012, according to the Federal Home Loan Mortgage Corporation. Last year’s commitment in January averaged 4.80%. History has shown that low mortgage interest rates, low property prices, along with a consumer and employment gains in the month result in strong North Shore real estate home sales.

North Shore home sales and property price information is generated by Multiple Listing Service closed sales reported by 31 participating Illinois REALTOR® local boards including Chicago’s North Shore and associations including Midwest Real Estate Data LLC data as of February 7, 2012 through to March of 2012–for the period of analysis for January 1 through January 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.

For more information on this information visit: housing statistics data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.

or visit  http://www.illinoisrealtor.org/

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