RE/MAX Reports That Home Prices Continued Upswing in October Across Metro Chicago Real Estate Market
Chicago, IL, November 17, 2013 --(PR.com)-- October home sales in the metropolitan Chicago real estate market extended the trends that have characterized the local market in 2013. Both the median sales price and the number of homes changing hands increased when compared to the same month a year ago. Time homes spent on the market declined, RE/MAX reported.
The October median home sales price rose 15 percent to $176,000, and the number of home sales increased 10 percent to 9,179 units. Those results indicate that the market is maintaining its solid upward momentum even though October increases weren’t quite as strong as those achieved in the July-September quarter when the median sales price rose 16 percent and closed sales were up 31 percent. That shift is in line with historic norms, as housing market activity often declines somewhat in the fourth quarter.
Homes sold in October spent an average of 95 days on the market before going under contract, compared to 140 days a year earlier.
The inventory of detached and attached homes for sale fell about 3 percent in October when compared to the prior month. There were 34,265 homes for sale at the end of October. That total equals a 3.7 month supply of homes. Earlier this year, the supply of homes for sale fell as low as three months and was as high as 5.6 months.
Distressed properties, which are foreclosures and short sales, accounted for 34 percent of all homes sold in October. A year earlier, sales of distressed homes were 43 percent of the October total.
In each of the seven counties that make up metro Chicago, the number of homes sold increased in October compared to the same month last year. The median sales price rose in six counties, and was up more than 20 percent in Kane, Lake and McHenry counties, as well as in Chicago.
For the second month in a row, Kane County had the largest gain in median sales price compared to October of last year, rising 23 percent to $166,000.
For the six other Chicagoland counties, October results were as follows: Cook up 17 percent to $175,000; DuPage up 6 percent to $205,500; Kendall down 2 percent to $160,000; Lake up 22 percent to $182,750; McHenry up 21 percent to $159,500 and Will up 14 percent to $171,000. In the City of Chicago, the median sales price climbed 24 percent to $218,000.
Increases in closed transaction volume were achieved in all counties. Kendall County tops the list with 184 closed sales, a 14 percent increase over the same month last year. Will County was second with 785 sales, a 13 percent increase.
Sales gains in the other counties were: Cook up 11 percent to 5,275 homes sold; DuPage up 9 percent to 1,038 homes sold; Kane up 4 percent to 639 homes sold; Lake up 6 percent to 866 homes sold and McHenry up 10 percent to 392 homes sold. In Chicago, 2,241 homes sold, an increase of 8 percent.
Average market times for October range from a low of 77 days in Kendall County to a high of 116 days in McHenry County.
The October median home sales price rose 15 percent to $176,000, and the number of home sales increased 10 percent to 9,179 units. Those results indicate that the market is maintaining its solid upward momentum even though October increases weren’t quite as strong as those achieved in the July-September quarter when the median sales price rose 16 percent and closed sales were up 31 percent. That shift is in line with historic norms, as housing market activity often declines somewhat in the fourth quarter.
Homes sold in October spent an average of 95 days on the market before going under contract, compared to 140 days a year earlier.
The inventory of detached and attached homes for sale fell about 3 percent in October when compared to the prior month. There were 34,265 homes for sale at the end of October. That total equals a 3.7 month supply of homes. Earlier this year, the supply of homes for sale fell as low as three months and was as high as 5.6 months.
Distressed properties, which are foreclosures and short sales, accounted for 34 percent of all homes sold in October. A year earlier, sales of distressed homes were 43 percent of the October total.
In each of the seven counties that make up metro Chicago, the number of homes sold increased in October compared to the same month last year. The median sales price rose in six counties, and was up more than 20 percent in Kane, Lake and McHenry counties, as well as in Chicago.
For the second month in a row, Kane County had the largest gain in median sales price compared to October of last year, rising 23 percent to $166,000.
For the six other Chicagoland counties, October results were as follows: Cook up 17 percent to $175,000; DuPage up 6 percent to $205,500; Kendall down 2 percent to $160,000; Lake up 22 percent to $182,750; McHenry up 21 percent to $159,500 and Will up 14 percent to $171,000. In the City of Chicago, the median sales price climbed 24 percent to $218,000.
Increases in closed transaction volume were achieved in all counties. Kendall County tops the list with 184 closed sales, a 14 percent increase over the same month last year. Will County was second with 785 sales, a 13 percent increase.
Sales gains in the other counties were: Cook up 11 percent to 5,275 homes sold; DuPage up 9 percent to 1,038 homes sold; Kane up 4 percent to 639 homes sold; Lake up 6 percent to 866 homes sold and McHenry up 10 percent to 392 homes sold. In Chicago, 2,241 homes sold, an increase of 8 percent.
Average market times for October range from a low of 77 days in Kendall County to a high of 116 days in McHenry County.
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RE/MAX Northern Illinois
Laura Ortoleva
847-428-4200
www.illinoisproperty.com
Laura Ortoleva
847-428-4200
www.illinoisproperty.com
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