Year-Over-Year Chicago-Area Home Sales Up

November 09, 2011

It may have been expected, but it’s certainly still welcomed: Illinois, suburban and Chicago real estate sales rose dramatically during the third quarter compared to the same time last year.

According to the Illinois Association of REALTORS® latest report, 70 of 98 Illinois counties reported a rise in year-over-year home sales during the last quarter.

The increases were expected considering the third quarter of last year dealt with low sales due to the end of the federal home buyer tax program.

The IAR breakdown:

*City of Chicago: Total home sales were up 10.3 percent to 4,940 sales in the third quarter of 2011 compared to 4,477 sales in the third quarter of 2010.

*Chicago Metropolitan Statistical Area: Third-quarter home sales rose 20.2 percent to 19,847 compared to 16,518 home sales a year ago.

*Illinois: Home sales totaled 29,644 in the third quarter, up 19.9 percent from the 24,719 homes sold during the same time last year.

“First-time homebuyers are finding great homes to make their first purchase, while other buyers are finding tremendous opportunities to become investors,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS®.

“Chicago real estate remains stable considering national economic conditions, and still a marketplace where residents or investors can make their dreams of homeownership a reality.”

Despite the increase in sales, home prices remained sluggish.

*Illinois: The third quarter median home sale price was $145,500, down 4.9 percent from $153,000 in the third quarter of 2010.

*Chicagoland: The median price was $174,500, a drop of 7.5 percent from $188,666 last year.

*City of Chicago: Home values actually rose within the city. The median price in the third quarter was $198,000, a 2.6 percent increase from the $193,000 recorded during the same period last year.

In addition, 64.1 percent of all homes sold during this year’s third quarter were priced under $200,000.

“Sales growth in the third quarter is due in part to significant pent-up demand from homebuyers waiting on the sidelines of this economy’s slow recovery,” said REALTOR® Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS®.

“Given the historically low mortgage interest rates it’s a good time to do a comparable analysis for those looking to get away from rising rents with these affordability conditions.”

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