Chicagoland Home Sales Up, Prices Down

January 20, 2012

The numbers are in for existing-home sales in 2011 and the results are a mixed bag: Year-over-year sales around Chicagoland surged, the Chicago real estate market did not enjoy the same hike, and the whole state saw home prices fall.

The Illinois Association of REALTORS® announced Friday that existing-home sales in the nine-county Chicago Primary Metropolitan Statistical Area (PMSA) totaled 6,090 homes sold in December, a 17 percent increase from the 5,204 sold in December 2010.

hand handing a key to another hand in front of a house.For the year, home sales rose 1.3 percent in 2011 compared to 2010.

In Chicago, existing-home sales increased 6.4 percent in December 2011 compared to December 2010 — from 1,444 to 1,536 — but when comparing 2011 to 2010, home sales were down 7.2 percent from 19,089.

The year-over-year results throughout the state of Illinois were pretty even, down a mere 0.1 percent, but home sales in December totaled 8,828 statewide, up 14 percent from 7,746 home sold in December 2010.

“December ended the year with an optimistic showing of buyers coming out and making decisions about investing in a home,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS®. “While the year-end numbers for 2011 were down over 2010, a positive uptick in sales toward the end of the year is a great indicator of a strong winter and spring season for buyers and sellers, alike, looking to get off the fence.”

The median home price fell across the board:

*Chicagoland PMSA: The median price was $145,000 in December 2011, down 13.6 percent compared to $167,850 in December 2010; and $163,000 to end 2011, down 11.9 percent from $185,000 in 2010.

*Chicago: The median price was $156,000 last month, down 6.2 percent compared to December 2010 when it was $166,250; and $175,000 at the end of 2011, down 13.8 percent from $203,000 in 2010.

*Illinois: The median price was $125,500, down 10.4 percent from $140,000 in December 2010; and $137,500 for 2011, down 9.2 percent from $151,500 the previous year.

While median sales prices fell throughout the state, some counties showed an impressive increase in year-over-year sales volume, including Cook County, 12.3 percent; DuPage, 15 percent; Kane, 21 percent; Kendall, 26 percent; Lake, 20 percent and Will, 33 percent.

“While median home prices continue to be a concern in much of the state, the continued trend of month-over-month increases in the number of home sales is encouraging news,” said Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS® and Broker-Owner of Century 21 Alonzo & Associates in La Grange Park.

“Buyers are finding deals that are simply too good to pass up, and that coupled with stronger consumer optimism is making this an excellent way to start 2012.”

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