Additional signs that the Chicago North Shore market continues to strengthen — June 2012 home sales surged 18% over sales volume produced in June 2011; per data released by the Illinois Association of REALTORS this week®.

According to NSBAR and Midwest Real Estate Data, new listings in the North Shore region decreased 7.7%, Listings Under Contract were up 42.4%, and Inventory levels shrank 30.9% (see photo below). Statewide home sales (including single-family homes and condominiums) in June 2012 totaled 13,111 homes sold, up 18.0 percent from 11,108 home sales volumes in June 2011. This was the best June performance since 2010 when 13,144 homes were sold in Illinois. (Click to enlarge photo)

As an ongoing enticement, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.67 percent in June 2012, down from 3.83 percent during the previous month, according to the Federal Home Loan Mortgage Corp; last year in June it averaged 4.53 percent.

More than half of Illinois counties reporting including Chicago’s North Suburban areas, (57 of 101) showed year-over-year home sales increases in June 2012. Fifty-three (53) counties ranked, showed year-over-year median price increases including Cook, up 1.1 percent.

On Chicago’s North Shore we see that the combination of affordable pricing and even lower interest rates resolved prospective homebuyer’s top concerns and possible apprehensions. more buyers are coming off the fence and make decisions today about their North Shore investment in homeownership. Overall the state housing market seems to have taken a positive performance turn as supported by Dr. Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “The current market seems to be operating more normally with perhaps some effects of the significant number of foreclosed-distressed properties that are for sale.” (Click to enlarge photo)

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 July 7, 2012 for the period June 1 through July 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 data for July through August 2012 and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.

Our North Shore Coldwell Banker Office located at 640 Vernon Ave in downtown Glencoe, Illinois-60022, can be a source to further review the reports indicated above and similar data.  Any of our high performing real estate staff can assist you!

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