Great gains and double digits….North Shore-Chicago, Illinois home sales surged 28.5% over previous-year sales market action reporting levels in July, in addition median prices increased 14.2%, based on the recent market analysis statement from the Illinois Association of REALTORS®; providing yet another indication of a strong summer for the North Shore region housing market.

Although interest rates have slightly increased in the past months, momentum and strong interest in home purchasing on the part of sellers has not slowed. North Shore-Chicago buyers and sellers are moving away from the sidelines as they see the markets favorable indicators.  New Listings in the North Shore-Barrington region increased 9.3 percent to 1,175. Listings Under Contract were up 31.7 percent to 790. Inventory levels shrank 29.3 percent to 2,976 units.  The Median Sales Price increased 2.5 percent. Market Times were down 47.4 percent to 93 days. Information provided by the North Shore Barrington Association of Realtors and Midwest Real Estate Data, LLC. See the supporting figures in the image below (click to enlarge):

NorthShore-MarketOverview-July2013

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central-North Shore region was 4.35 percent in July 2013, up from 4.09 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last July it averaged 3.54 percent. See historical images below (click to enlarge):

MortgageRates-July2013

Sixty-one (61) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in July 2013. Forty-nine (49) counties showed year-over-year median price increases including Lake, up 15.2 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 Aug. 7, 2013 for the period July 1 through July 31, 2013 and will start again in August 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.         

Gloria Matlin, a Chicago North Shore resident, die-hard Chicago Blackhawks fan, national top producing real estate professional for over 25 years, trusted local North Shore area resource, and above all tenaciously committed to making North Shore real estate dreams come true; through optimal service with a personable approach. Look to her for answers regarding local North Shore market action report analysis, data, history, projections, or simply to find out about local community happenings/events/things to do/places to go. She calls Glencoe’s Coldwell Banker Residential Real Estate office home–640 Vernon Avenue, 60022. Have a safe and funLabor Day holiday weekend

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