Illinois-Chicago’s North Suburban real estate home sales surged 25.5 percent over previous year closed volume and closed sales, indicated by recent housing reports released by the Illinois Association of REALTORS®. More signs that the local North Shore area and state’s housing market are continuing to strengthen.

In the nine-county Primary Metropolitan Statistical Area (PMSA), including Chicago’s North Shore Cook County and Lake County, home sales (single family and condominiums) in July 2012 totaled 8,551 closed sales, up 29.1 percent from July 2011 sales of 6,624 homes. This was the best July performance since 2007 when 14,735 homes were sold in Illinois.

A steady momentum first seen in Jan-June of 2012 is projected to continue well into the remaining portion of this year.  Once again, low interest rates and attractive home prices sustain the North Shore real estate market, a sign of continued growth and strength. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 3.54 percent in July 2012, down from 3.67 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year it averaged 4.59 percent. Low inventory rates must be noted as a factor, as this has created a competitive aspect to the North Shore housing market. Inventory levels shrank 30.1 percent to 3,951 units in the Chicago North Shore areas. The image below shows the number of homes available for sale vs the number of homes sold. This information is provided by NSBAR-North Shore Barrington Association of Realtors and MRED-Midwest Real Estate Data LLC (click photo to enlarge):

More than half of Illinois-North Shore counties including Cook reported year-over-year home sales increases in July 2012. New Listings in the North Shore-Barrington region increased 6.3 percent to 1,075. Listings Under Contract were up 43.8 percent to 686. Prices moved higher. The Median Sales Price increased 5.0 percent. Market Times were down 7.1 percent. The supply/demand balance stabilized as Months’ Supply of Inventory was down 44.7 percent to 7.4 months (click photo to enlarge):

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 August  2012 for the period July 1 through July 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.

Broker-Associate Gloria Matlin, calls the Coldwell Banker office in Glencoe, Illinois home. This top ranked, best performing, location can be found at 640 Vernon Ave within the downtown center.