Chicagoland has been waiting for a very long time to hear some good news come down the stretch when it comes to the real estate market. For too long the Windy City has been devoid of positive momentum. Finally, the housing market here is showing signs of gaining a stable footing.
According to an analysis from RE/MAX, homes sales for May in Metro Chicago were 23 percent higher compared to a year ago. Furthermore, the average time a home spent on the market fell by 14 percent to 160 days. The cherry on top? The median sales price of a home in Chicago rose one percent.
Feel free to take a moment and let the news hit your cerebral cortex.
In the seven-county Chicago metro area for the month of May, 8,194 homes were sold. This is not only up from 6,644 in May of last year, but it is the highest May total since 2007.
Median home prices improved from $170,000 to $172,000. Inventory levels dropped 18 percent compared to a year ago.
Distressed sales (short sales and foreclosed homes) decreased in May, accounting for 36 percent of all home sales. This is an improvement from 52 percent this past February.
Six of the seven counties in the Chicagoland area increased the number of home sale transactions completed.
- DuPage and Will counties were both up 29 percent.
- McHenry County was up 27 percent.
- Cook County gained 26 percent.
- Lake County sales were up 15 percent.
- Kane County sales increased 6 percent.
Kane County was just one sales transaction short of last May’s total. In Chicago, sales were up 19 percent.
Median sales prices rose in Cook, Kane and McHenry counties. Home prices in Chicago rose 6 percent.
The average time it took to sell a home declined across all seven counties. The average market time declined at least 20 days in all counties except McHenry, which had a nine-day reduction. The largest decline took place in Kendall County where the average fell from 201 days a year earlier to 116 days this May. In Chicago, market time fell by 25 days to an average of 142 days.
Sales of detached homes rose 22 percent in May compared to the same month of 2011, rising to 5,163 units. May sales also were 20 percent higher than in April of this year. The median price of detached homes in May was $187,500, up 4 percent from the $180,000 median price a year ago and 6 percent higher than in April of this year.
Attached homes witnessed an increase of 26 percent in closed sales in May across the metro area. A total of 3,031 units were sold compared to ,397 a year earlier and 2,516 during the prior month.
While the number of attached homes sold increased, the numbers are all over the place. Sales were up 38 percent in Will County and 37 percent in DuPage County, 27 percent in Cook County, 16 percent in Lake, 11 percent in Kendall, 6 percent in McHenry and 2 percent in Kane. In Chicago, May sales activity was 25 percent higher than in the same month of 2011.
The median price for attached homes sold in the seven-county area during May was $141,000, compared to $145,000 a year earlier and $130,000 during April of this year.
So there you have it Chicagoland. Since it is not April Fools Day, let’s all rejoice in the much needed good news we have been patiently waiting for.