The best in 6 years! North Shore Chicago, Illinois home sales increased 24.4 percent over previous-year volume in May and median prices increased 6.9 percent based on recent market action reporting from the Illinois Association of REALTORS®. This update represents the 23rd consecutive months of year-over-year sales increases in the north suburban Chicago area and the strongest May since 2006 when 17,622 homes were sold statewide.

Within Chicago’s North Shore, buyers are still highly motivated and steadily increasing housing market figures. Home prices reflect the strong demand and high sales results, approaching pre-recession status, a stable sign that the market has rebounded. In addition, despite a slight increase the average commitment rate for a 30-year, fixed-rate mortgage for the North Central region at 3.55 percent in May 2013, up from 3.42 percent during the previous month; the rates are still appealing compared to Last May when they averaged 3.83 percent. Information provided by the Federal Home Loan Mortgage Corp. Lastly, it is important to highlight that market time within the North Shore area and throughout the state dropped substantially in May with listings averaging 69 days until sale, a 25 percent drop compared to 92 days in May 2012.  See supporting data in the image below from The North Shore Barrington Association of Realtors and Midwest Real Estate Data LLC (click to enlarge):

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According to Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois, “all the indicators point to a strong three-month period of growth, even in median prices. Mortgage rates are starting to inch upwards but the rates are still attractive enough not to dampen the momentum”.

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Fifty-nine (59) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in May 2013. Forty-nine (49) counties showed year-over-year median price increases including North Suburban Cook, up 9.4 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 June 7, 2013 for the period May 1 through May 31, 2013 and into June and July of 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.

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

As a trusted real estate resource on the North Shore’s of Chicago for well over 25 years, Gloria Matlin provides timely market updates like the above blog post each month. Follow this blog for ongoing market action reports, history and real estate conditions analysis, North Shore homes for sale, North Shore homes for rent, recent sales, as well as Chicago Northern Community-places to go, things to do and top rated events.

Have a great 4th of July Holiday!  More holiday and summer events on the North Shore of Chicago can be found HERE and HERE.

 

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