June was a strong home for home sales in both the city of Chicago and its surrounding suburban markets, according to new research.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in June 2013 totaled 11,103 homes sold, up 18.7 percent from June 2012 sales of 9,354 homes, according to the Illinois Association of Realtors.
The median price in June 2013 was $206,000 in the Chicago PMSA, up 13.2 percent from $182,000 in June 2012. The time it took to sell a home dropped substantially in June with listings averaging 63 days until sale, a 25 percent drop compared to 84 days in June 2012.
Housing Strong in Suburban Chicago
Sales of single-family, detached homes in suburban Chicago increased 17.7 percent in June 2013 compared with the same period a year ago, according to statistics released by the Mainstreet Organization of Realtors (MORe).
MORe’s region – which includes about 200 communities in DuPage, Lake and suburban Cook counties – experienced notable sas gains last month, as reflected in information provided by Midwest Real Estate Data, LLC.
The momentum is expected to continue as the number of detached homes under contract in June grew by 36.5 percent in those same communities. The median sale price for detached homes also increased 9.5 percent from the previous June, marking the fourth month in a row of year-over-year price growth.
“A slow and steady growth in home prices, combined with more properties coming on the market, is creating ideal conditions for both buyers and sellers,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Buyers especially should look to act soon to lock in today’s low interest rates.”
Chicago Home Sales Trending “In the Right Direction”
The city of Chicago saw a 12.5 percent year-over-year home sales increase in June 2013 with 2,623 sales, up from 2,332 in June 2012.
The median price of a home in the city of Chicago in June 2013 was $254,900, up 17.5 percent compared to June 2012 when it was $217,000. Chicago condo prices also saw double-digit gains for the month, posting a 14.5 percent jump to $286,750. Average time on market in the city was 51 days, down 32.9 percent compared to 76 days last June.
“Chicago home sales continue to trend in the right direction, now to the point that they are pushing the whole market and bringing activity to some of our lower-performing neighborhoods as inventory thins city-wide,” said Zeke Morris, the president of the Chicago Association of Realtors. “We are encouraged that lower inventory will prompt more sellers to enter the market. For both buyers and sellers, the time is right to get involved.”