Outstanding North Shore real estate conditions for a new year. According to recent reports by the Illinois Association of REALTORS®, home sales surged 15.2% in December compared to previous-year levels and median prices topped off at 5.6% on average, across the state. See the supporting image below provided by Midwest Real Estate Data LLC and North Shore-Barrington Association of Realtors (click to enlarge):

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In addition, the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.32% in December 2012. Last December it averaged 3.94%, according to the Federal Home Loan Mortgage Corp.

2012 showed stable signs of North Shore real estate recovery. As a result, an uptick in Chicago North Shore housing market figures was sustained across the board. Specifically ownership versus rental generation supported an increase in North Suburban housing sales that have spilled into 2013; with a decrease in market days before a North Shore property is sold. Confidence was seen in December of 2012, normally a slower period surrounding holiday sales performance. New Listings in the North Shore-Barrington region increased 1.0 percent to 407. Listings under Contract were up 56.1 percent to 451. Inventory levels shrank 39.6%. Low mortgage rates provided ongoing incentives to purchase, refinance and sell. All signs of inventory clearing and projected to produce positive figures well into 2013. Image below provided by Midwest Real Estate Data LLC and North Shore-Barrington Association of Realtors (click to enlarge):

 DecData-2

In the nine-county Chicago-North Shore Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) in December 2012 totaled 7,372 homes sold, up 19.2 percent from December 2011 sales. Fifty (50) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in December 2012. Thirty-nine (39) counties showed year-over-year median price increases including Chicago North Suburban Cook, up 7.7%.

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 Jan. 7, 2013 for the period Dec. 1 through Dec. 31, 2012, reporting in January 2013. 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 stats, data and the University of Illinois REAL forecast atwww.illinoisrealtor.org/marketstats. 

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