By Peter Ricci
Chicagoland home sales in September rose 24.0 percent from a year ago, and median price has increased by $20,000 from January 2012, according to existing-home sales data from the Illinois Association of Realtors (IAR).
Homes sales in the city of Chicago were also quite positive. Total home sales increased 23.2 percent year-over-year in September, and specifically, the condo market was even stronger, posting a 32.2 percent increase from September 2011.
Chicagoland Home Sales – A Stabilizing Marketplace
Zeke Morris, the current president of the Chicago Association of Realtors, said the Chicagoland home sales data is consistent with the city’s inventory of distressed properties, and as the market works out those inventories, the housing market will continue to stabilize.
“Prices are in line with the amount of distressed product that’s still out there; we have to work through that inventory,” Morris said. “We should continue to try to stabilize the lower half of the market, particularly the condo market in the city, which to a large extent is a function of consumer confidence and jobs.”
For the city of Chicago, median home price in September was $188,900, a 0.6 percent dip from last year; however, two of the collar counties, Kane and DuPage, saw year-over-year price increases of 2.6 and 2.3 percent, respectively.
Illinois September Home Sales Show Stabilizing Market
In addition to the Chicagoland home sales improvements, the data for the state of Illinois was very optimistic, with home sales increasing 15.9 percent from last September; best of all, IAR’s home sales data has now seen year-over-year increases in sales for 14 consecutive months.
Michael D. Oldenettel, the managing broker/owner with RE/MAX Results Plus, said that latter stat is difficult to ignore.
“If there is a headline from the first nine months of 2012, it is one of continued market stabilization,” he said. “The prices, interest rates and consumers’ feelings about the economy are fueling improvements in the housing market.”