It is official, spring has sprung! Illinois-Chicago Northern Shores home sales increased 25.3% based on previous-year real estate data compiled in April and median North Shore prices topped out at 7.7% percent, according to a recent market action report released by the Illinois Association of REALTORS®. Overall, and statewide this was the best sales volume April performance since 2007.

So far North Suburban real estate figures are reassuring, even with a decrease in the number of homes available for sale. North Shore home prices are increasing slightly due to ongoing home buyer demand, rising rents, and the alluring interest rates that boost North Shore home buyer confidence; resulting in a strong 2013 spring housing market. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore- North Central region was 3.42 percent in April 2013, down from 3.54 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last year in April it averaged 3.89 percent. Listings under Contract within Chicago’s North Shore were up 36.1%. Inventory levels shrank 40.4%. Prices moved higher. The Median Sales Price increased 9.8%. Market Times were down 16.7% according to outcomes collected by The North Shore Barrington Association of Realtors and Midwest Real Estate Data. The fact remains clear; it is still an ideal time to buy, sell or both.  See the supporting image below (click to enlarge):

MarketTime-April13

Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois stated “The housing market is exhibiting signs of a more stable recovery with an anticipated strong early summer led by strong sales gains and more modest but still positive gains in median prices. Average time on the market, the growth in the pending sales index and an increase in the share of total sales captured by more expensive properties point to a return to greater stability in the market.” See supporting image (click to enlarge).

 MarketOverview-13

Fifty-five (55) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in April 2013. Forty-two (42) counties showed year-over-year median price increases including portions of Chicago North Suburban Lake, up 16.1 percent and Cook, up 11.9 percent.

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 May 7, 2013 for the period April 1 through April 30, 2013 with continued reporting in June 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. The Illinois Association of REALTORS® is a voluntary trade association whose 41,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

Among Realtors in the Chicago-Northern Suburban area with the highest national sales performance, Gloria Matlin ranks high in customer service, specialized client attention, and profound area knowledge, and has for well over 25 years. She calls Glencoe’s Coldwell Banker Residential Real Estate office home, located at 640 Vernon Ave, 60022, in the downtown district.  Stop in to discuss North Shore homes for sale, Glencoe homes for sale, market condition reports, analysis, outcomes, and forecasts or upcoming annual events like famer’s markets, garage sales, even Ravinia Festival.

Find Illinois housing stats, data and the University of Illinois REAL forecast atwww.illinoisrealtor.org/marketstats. 

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