Chicago North Shore-Chicago recent housing figures show huge momentum in the start of the fall 2013 market! September Illinois home sales increased 19.8 percent over previous-year levels and median prices rose 12.9 percent, according to the market action data supplied by the Illinois Association of REALTORS®.

Statewide home sales including the Northern Shores of Chicago (including single-family homes and condominiums) in September 2013 totaled 13,018 homes sold, up from 10,866 in September 2012.  It was the strongest September in terms of sales since 2006, when 13,594 homes sold statewide.

The start of autumn confirmed that North Shore home buyers were not daunted by the slight increase in mortgage rates or the federal government shutdown. The Chicago North Shore home sale figures show a robust end of one season and the high probability of an outstanding final quarter for 2013. Within the month of September 2013 on the North Shore, New Listings in the region increased 24%. Listings Under Contract were up 17.1%. Inventory levels shrank 23.4%. There’s increasing evidence that it’s not just first-time home buyers fueling the North Shore real estate market. Move-up buyers are also making their presence known. In addition Some baby-boomers are ready to look for less space. Lastly there’s a fresh crop of buyers entering the market looking to establish roots as newly married and/or starting families. Information provided by the North Shore Barrington Association of Realtors and MRED. See summary images below (click to enlarge):

MarketOverview

 

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the Chicago North Shore-North Central region was 4.50 percent in September 2013, up from 4.44 percent in August, according to the Federal Home Loan Mortgage Corp. In September 2012 it averaged 3.49 percent (click to enlarge):

MortgageRates-Sep2013

Fifty-three (53) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in September 2013. Forty-nine (49) counties showed year-over-year median price increases including Chicago North Shore Cook, up 19 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 Oct. 7, 2013 for the period Sept. 1 through Sept. 30, 2013, continuing into October 2013. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Chicago North Shore Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

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

With over 25 years of top performing, high producing real estate results, Gloria Matlin is the trusted Realtor resource for the North Shore of Chicago. Whether buying your first home, relocating to the North Shore area, or simply wanting more information on the state of the housing market, Gloria provides unparalleled personable service in each of these areas. She is located in the top ranking Coldwell Banker Residential real estate office of Glencoe, Illinois-640 Vernon Ave, 60022.

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