The Chicago North Shore real estate housing market saw October home sale increases by 3.7 percent over previous-year levels, as well as a median prices rise of 13.8 percent based on the recent real estate action reporting by the Illinois Association of REALTORS®.

The profound North Shore demand for housing has progressively reduced the rate of home inventory. Despite this fact, North Shore buyers and sellers remain enthusiastic about investment factors such as low interest rates and ideal price points well into December 2013. Specifically, sellers appear to appreciate the increased worth on their long long-term investment with the ongoing robust gains in North Shore sales. More homes sold in less time for closer to asking price. New Listings in the North Shore-Barrington region increased 10.3%. Listings Under Contract were up 20.6%. Inventory levels shrank 22.2%. The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central – North Shore region was 4.20 percent in October 2013, down from 4.50 percent in September, according to the Federal Home Loan Mortgage Corp. In October 2012 it averaged 3.36 percent. Information provided and supported by the North Shore-Barrington Association of Realtors and Midwest Real Estate Data. See the summary images below (click to enlarge):

ListPriceStatus-NS-Oct2013

Lender-SalesActivity-Oct2013-NS

Overall, the stated saw absorption of distressed properties as many are being rehabbed and/or resold. The sign of increased interest in the market and the benefit of additional value added to the communities the properties reside in. The statewide inventory of available homes for sale totaled 66,433 units in October, down 18.3 percent compared to 81,281 last year.

Forty-eight (48) of 102 Illinois counties reporting to IAR (Illinois Association of Realtors) showed annual home sales increases in October 2013. Forty-eight (48) counties showed year-over-year median price increases including North Shore- Chicago Cook, up 17%. The city of Chicago saw a 7.5% percent year-over-year home sales increase in October 2013 with 2,231 sales, up from 2,076 in October 2012.

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 Nov. 7, 2013 for the period Oct. 1 through Oct. 31, 2013, and will continue into December 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.

Advertisements