Chicago Real Estate Sales End Down Year Up

As the worst year in home sales, 2011 is one we’d like to forget. So why are we still writing about data from the year? Because this data is positive.
In the fourth quarter of 2011, Illinois home sales jumped 14.8 percent, Chicago home sales rose 11.1 percent and metro Chicago real estate sales surged 20.4 percent compared to the fourth quarter of 2010.
home with sold sign in front of it.“For homebuyers who are feeling confident enough to re-enter the housing market, this data shows there is great opportunity for them,” said Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS®. “Growing optimism about the economy and low interest rates generated a lot of interest in real estate in the final part of the year.”
According to the Illinois Association of REALTORS®, 61 of 98 Illinois counties reported year-over-year home sales increases during the fourth quarter of 2011.
The number of counties reporting median price increases, however, was significantly lower.
In the fourth quarter of 2011:
*Chicago: The median home sales price was $159,999, down 8.6 percent from $175,000 in the fourth quarter of 2010.
*Chicago metro area: The median sales price was $148,300, down 14.0 percent from $172,500 during the same quarter the previous year.
*Illinois: The statewide median price was $128,000, down 10.8 percent from $143,500 in the fourth quarter of 2010.
“Chicago continues to show an absorption of properties in the market by aggressive buyers seeking great opportunities to purchase now,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS®. “The decrease in median price and increase in units sold continues to show the downward pressure distressed sales still have on property values across the city.
“With interest rates at historic lows and sellers and buyers looking to make real deals close, 2012 remains an excellent time for first-time, right-size buyers, or investors to get off the fence and make long-term investments in real estate.”