Chicago Home Sales the Best in Six Years

November 23, 2012

chicago new homes salesChicago builders and homeowners have a lot to be thankful for this week!

Recently, we reported that October home sales increased 21.8 percent across 19 major U.S. markets, according to Redfin. Now that the home sale results from the Chicago market are in, it turns out that more Chicago homes were sold last month than in any October since 2006.

According to the Illinois Association of Realtors, October single family home and condo sales in the Chicago area consisted of 8,326 properties. This is an 11.3 percent increase from September 2012, and a 44.1 percent increase from October 2011!

In the city of Chicago, 2,009 homes were sold last month, which is a 53.1 percent increase from October of last year. Condos accounted for 60 percent of these sales, and condo sales have been a strong factor in strengthening the Chicago real estate market.

These higher numbers are especially good news because the new home market often slows down after Labor Day  and continues to remain slow during the holidays. There are currently 10,364 Chicago area properties that are under contract, but have not yet closed, which is the highest number since April 2010.

Did you purchase a home in October? If so, where did you buy?

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Jessica Thom

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