The metro Chicago real estate market continues to gain momentum in home sales for the month of May, according to data released by RE/MAX.
The report, based on transaction information from Midwest Real Estate Data, LLC., showed not only gains in home sales across the seven-county metro area, but other encouraging trends for the local market.
Overall, sales in the metro area saw a 20 percent increase, while the median sale price also rose 7.5 percent, when compared to last May’s numbers. RE/MAX counted 8,194 home sales in the metro area in May, up from 6,644 from May of last year. Median price of homes jumped from $170,000 to $172,00.
Sales Transaction Gains for May 2012 (By County):
- DuPage, Will – 29 percent
- McHenry – 27 percent
- Cook – 26 percent
- Lake – 15 percent
- Kane – 6 percent
- 116 Days – Average time it took for a home sold to go under contract in Kendall County, down from last May’s average of 201. All seven counties saw similar results, averaging a 20-day decline (except McHenry, which had a 90-day reduction).
- 5,163 units – Number of detached homes sold in the metro area. Sales of detached homes rose 22 percent compared to May 2011.
- $187,500 – Median price of a detached home, up 4 percent from last May’s $180,000 figure.
- 3,031 units – Number of attached homes sold in the metro area. Sales rose to 26 percent, compared to May 2011’s 2,397 units.
- $141,000 – Median price for attached homes sold. Though the numbers fared well for detached homes, attached homes actually saw a decrease from last May’s figure of $145,000. It should be noted, however, that May’s number is an increase from April’s figure of $130,000.