The Chicago area real estate market is beginning to stabilize.
According to a report released Monday by the Illinois Association of Realtors, Chicago area home sales rose for the eighth straight month and were up 32 percent in February compared to last year’s February numbers.
In fact, total home sales in February 2010 were up over the previous year in 41 of 98 Illinois counties including Cook, up 37.5 percent; Lake, up 43.4 percent; DuPage, up 33 percent; Kane, up 43.6 percent; McHenry, up 14.8 percent; Grundy, up 19 percent and Will, up 2 percent.
In the city of Chicago, February home sales increased 41.5 percent to mark the sixth consecutive month of year-over-year gains.
Total home sales include single-family homes and condos. Statewide, sales were up 15.7 percent over February 2009.
“We are encouraged by more signs of improvement in the Illinois housing market spurred by the tremendous buyer market conditions with sales increases for six months in a row statewide and eight months running in the Chicagoland (area),” said Mike Onorato, IAR president.
Onorato said the combination of low mortgage interest rates, affordable home prices and the homebuyer tax credit, which ends April 30, presents the best opportunity to buy a piece of Chicago real estate.
“This particular spring market, ” he said, “really is the time for anyone thinking of buying a home in Illinois to make their move.”