Illinois experienced a strong demand for homes in June as homes sold quicker and at higher median prices last month, according to the Illinois Realtors monthly home sales report.
In June, total sales of single-family homes and condominiums were 18,310, down more than 6 percent from 19,514 in June 2017. Median prices rose last month with an average of $225,000, up 4.5 percent from June 2017 when the median price was $215,251.
“Clearly, demand is far outstripping the supply of homes on the market this summer,” said Matt Difanis, ABR, CIPS, GRI, president of Illinois Realtors and broker-owner of RE/MAX Realty Associates in Champaign. “June extended a trend we have seen for much of the year in many areas where any sluggishness in sales is counterbalanced by steady increases in median prices.”
The average time on market across the state was just 44 days, down from 49 days one year ago. Similarly, available inventory totaled 58,133 homes for sale, which fell nearly 7 percent from 62,309 homes in June 2017.
Across the nine-county Chicago metro area, home sales totaled 13,323 homes sold in June, down 7.3 percent from last year when 14,378 homes sold. Similarly, the median price in June was $263,000 in this area, a growth of 4.4 percent from $252,000 in June 2017.
Home sales continued to decline as inventory shortages drive prices upward. In the city of Chicago, home sales fell 8.7 percent with 3,087 sales in June, compared to 3,380 one year ago. The median price of a city home in June was $312,750, up 2 percent compared to June 2017 when the median price was $306,750.
“The spring market has carried its upwards climb into summer with median sales price hitting a five-year high,” said Rebecca Thomson, president of the Chicago Association of Realtors and principal of Thomson Real Estate Group. “The increasingly limited inventory makes for a competitive market with faster sales and increasing prices. Buyers are entering a competitive market where turn-key homes are in high demand. Sellers need to stage and price strategically as the overall number of closed sales continues to shrink.”