North Shore Chicago Real Estate is off to a HOT start for spring!…..According to the Illinois Association of REALTORS®, Illinois home sales increased 13.6% over previous-year data in March and median prices increased 3.6%. Statewide home sales including the North Suburban area in March 2013, totaled 10,992 homes sold, up from 9,679 in March 2012. Statewide real estate market action reports showed monthly year-over-year gains since July 2011.

This period traditionally marks the busiest time in a year for the North Shore real estate market. Currently, listings under Contract were up 36.1%. Inventory levels shrank 40.4% to 2,608 units. Two factors to highlight are the reduced market times before a home sells, along with reduced inventory levels. They support the current intense interest home-buyers have to take advantage of low prices that will ultimately increase, and locking in a desirable interest rate. This is an ideal time for sellers to list homes and sell quickly if priced right. The North Suburban Chicago Spring real estate market is thriving and benefiting buyers and sellers alike. See supporting data from The North Shore-Barrington Association of Realtors and Midwest Real Estate Data LLC  in the image below (Click to enlarge):

April-MarketTime

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Suburban region was 3.54 percent in March 2013, up from 3.49 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last March it averaged 3.99 percent.

Director of the Regional Economics Applications Laboratory of the University of Illinois, Dr. Geoffrey J.D. Hewings stated: “The inventory in both the state and Chicago markets suggest that demand has begun to return to the housing market.” Forty-four (44) of 102 Illinois counties, including the north suburbs of cook and Lake Counties, showed year-over-year home sales increases in March 2013.

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 April 7, 2013 for the period March 1 through March 31, 2013 and will continue with real estate updates in April 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

Gloria Matlin a real estate professional with a long-standing and compelling record of top producing accomplishments in the North Suburbs of Chicago.  She has been a trusted resource providing unparalleled Chicago-North shore real estate insight, performance, knowledge, expertise, and sound guidance for over 25 years. Visit her home base-Coldwell Banker Residential Real Estate office located in Glencoe: 640 Vernon Ave, 60022; or find her HERE for the latest trends, market reports, data, relocation options-designations, and information on her unique client driven approach to real estate.

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