Illinois Home Sales Increase in December

home for sale2012 finished off on a high note for Illinois home sales. According to the Illinois Association of Realtors, state-wide December home sales increased 15.2 percent over 2011 levels and median home prices increased 5.6 percent.
In Cook County, Chicago new homes prices increased 7.7 percent, while in Kane County prices increased 9.4 percent. Both Kane County and Cook County home sales and prices have been increasing consistently since the fall.
The current median price of a home in the city of Chicago is $185,000, which is a change from the December 2011 price of $155,000. The condo market in the city of Chicago is also faring especially well with a sales increase of 17.7 percent from December 2011. New condos are currently being constructed in the West Loop, Lincoln Park and Roscoe Village neighborhoods, and even more projects are expected to launch in 2013.
December’s home sale and home price increases are worth noting because the holidays are often a slow time for new home sales. However, low mortgage rates combined with a current ‘buyer’s market’ is leading to more sales regardless of the season.
If current home and condo inventory continues to clear in early 2013, this will lead to further home price stabilization.