Illinois and Chicago Housing Markets Improve in February

Chicago housing marketAccording to new data from the Illinois Association of REALTORS®, Illinois home sales increase 16.2 percent and median prices increased 5.1 percent to $125,000 since the same time last year.
In February, statewide home and condominium sales totaled 8,213, an increase of more than 1,100 from February 2012. This is the 19th straight month in which sales have posted monthly gains.
“The first two months of the year are typically slower in the real estate business, but so far we’ve seen an encouraging number of sales,” said Michael D. Oldenettel, CRS, GRI, president of the Illinois Association of REALTORS® and Managing Broker/Owner with RE/MAX Results Plus in Jacksonville, Ill. “The February sales numbers show that we have a good rolling start into a portion of the year where traditionally we see more people list homes.”
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home and condominium sales were up to 5,935, a 20.2 percent increase from the same time last year. Median prices for Chicago new homes also rose slightly over 2012, increasing by 3.7 percent to $140,000.
Sales and price information is generated by Multiple Listing Service closed sales reported by 31 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of March 7, 2013 for the period February 1 through February 28, 2013. The Chicago PMSA, as defined by the U.S. Census Bureau, includes Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will Counties.
The Illinois Association of REALTORS® is a voluntary trade association whose 41,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

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