Chicago Real Estate Market Improving

Yesterday we talked statistics, first on the U.S. new-home market, then on nationwide existing-home sales. Now we are going to get local and discuss the state of the Chicago real estate market.
Home sales in June throughout the seven-county metro Chicago area increased 12.9 percent to 7,456 units from May, the median sales price rose 6.5 percent to $181,035 and the average sales price jumped 7.9 percent to $258,057, according to RE/MAX Northern Illinois.
Hand hands keys to another hand with house in backgroundThose are all highs for this year. Good news.
June’s home sales were also 26 percent higher throughout Chicagoland than they were during the same month last year, according to the numbers from the Midwest Real Estate Data LLC, the multiple listing service for the Chicago area. Very good news.
And even more positive news: The amount of distressed homes sold in June accounted for 36 percent of all sales throughout Chicagoland, down from 41 percent in May after peaking at 51.5 percent in February.
The average price of a home sold throughout Chicago and its suburbs was $274,217 in June. That’s 2.6 percent higher than the price in June 2009 and 5.6 percent higher than the average in May 2010. The median price of homes sold, however, declined 2 percent from $213,500 last June to $209,000 in June of this year.
“When you consider that about a third of all transactions in June involved distressed properties, it is rather encouraging that the average price for all homes sold in the metro area was two-and-half percent higher than it was a year earlier and the median price fell only 2 percent,” Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network.
“I think we’re getting into a more stable pricing environment, which is something we’ve been missing for some time. If that does take hold, it will be much easier for buyers and sellers to act with a sense of confidence, and that alone would be a real boon for the housing market.”
Great potential metro Chicago real estate news.