Fall 2013 is off to a bang! North Shore-Chicago, Illinois home sales figures surged 17.3% over previous-year levels in August. In addition, median prices increased 13.6% based on the recent market action reporting by the Illinois Association of REALTORS®. Within the North Shore area as well as Statewide, home sales (including single-family homes and condominiums) in August marked one year of continuous annual sales and price gains.

The summer and spring North Shore real estate selling season was exceptionally strong. The recent state figures support expected momentum into fall 2013. August Median home price gains and ideal mortgage rates continue to fuel the demand for homeownership. New Listings in the North Shore-Barrington region increased 14.3 percent to 1,037. Listings Under Contract were up 29.8 percent to 770. Inventory levels shrank 27.4 percent to 2,921 units. Market Times were down 37.0 percent to 94 days. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Shore- North Central region was 4.44 percent in August 2013, up from 4.35 percent in July, according to the Federal Home Loan Mortgage Corp. In August 2012 it averaged 3.60 percent. Portions of the data findings are from NSBAR and MRED. See the supporting analysis data image below (click to enlarge):

SalesVolume-August2013

Fifty-two (52) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in August 2013. Forty-one (41) counties showed year-over-year median price increases including North Suburban Lake, up 16.1 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 Sept. 7, 2013 for the period Aug. 1 through Aug. 31, 2013 and will continue into September through October 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.

With an exceptional standing for top producing high performing Realtor results, Gloria Matlin remains the consummate Chicago-North Shore real estate professional. With more than 30 years of specialized and personalized service, she looks to technology to engage, educate, showcase, and provide the most up-to-date information on the North Shore real estate market. She is located in the North Shore Coldwell Banker office within the Chicago, Illinois suburban village of Glencoe-640 Vernon Ave, 60022.

Advertisements