Chicago Real Estate Sales Kick Off Year Up

The Illinois and Chicago real estate markets have started the year off strong. Statewide sales even posted the best January sales report since 2007.
According to the Illinois Association of REALTORS®, 6,435 homes were sold throughout Illinois in January.
sold signThat’s a 16.1 percent improvement from the 5,543 homes sold in January 2011 and the highest mark since the recession started to take hold in January 2008, when Illinois home sales dropped to 6,045 from 8,584 in January 2007.
The worst January over the last decade was in 2009 when 4,809 Illinois homes were sold.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), January 2012 home sales totaled 4,447, up 15.7 percent from the January 2011 sales of 3,844 homes.
And, in the city of Chicago, 1,093 homes were sold last month, a 5.7 percent increase from 1,034 homes sold during the same month last year.
“Whether you’re a seller or a buyer, there are positives to this data,” said Loretta Alonzo, CRB, GRI, president of the Illinois Association of REALTORS®.
“After years of standing on the sidelines, buyers are finding this is the right time to get into affordable housing. While sellers may not be getting all of the money they want for a house, they are getting traffic and interest at levels that haven’t been seen in several years.”
Median home prices throughout the state are still falling:
*Illinois: The statewide median price in January 2012 was $122,500, down 9.3 percent from $135,000 in January 2011.
*Chicago PMSA: The median price last month was $140,000 in the Chicago PMSA, down 11.4 percent compared to last year in January when it was $158,000.
*City of Chicago: The median home sale price for January was $149,000, down a mere -0.7 percent compared to January 2011 when it was $150,000.
“January gave 2012 a solid start in sales of homes in the city of Chicago,” said REALTOR® Bob Floss, president of the Chicago Association of REALTORS®. “Motivated buyers and sellers moving in what has been a mild Chicago winter has helped move both distressed and traditional properties.
“We will be closely watching the impact of pricing on the market and how homebuyers and investors react to what could be a new norm.”