Historically low home mortgage rates and increased job creation is slowly, but surely, rebuilding the nation’s housing market, with many markets seeing substantial improvement in resales and new home starts.
So how is Chicago real estate doing? A RE/MAX analysis found that Chicago is looking good. Very good.
- May 2012 existing home sales in the Chicago area were 23 percent higher than sales in May 2011.
- The average time on the market of those homes fell 14 percent to 160 days and median sales price on homes rose 1 percent to $172,000.
- 8,194 homes were sold in the seven-county Chicago metro area during the month, up from 6,644 in May of last year.
- Sales weren’t just up year over year, they were up month over month from April 2012, with a 20 percent increase in sales and 7.5 percent increase in median sales price.
- The overabundance of distressed properties is beginning to lessen; with short sales and foreclosed home sales beginning to decline. These properties accounted for 36 percent of all sales in May, down from 52 percent in February.
- Home sales transactions increased in six of the seven metro area counties over May of last year:
- DuPage and Will Counties: up 29 percent
- McHenry County: up 27 percent
- Cook County: up 26 percent
- Lake County: 15 percent
- Kane County: 6 percent
- The one county that didn’t show an increase was Kendall County, which was just ONE sale behind the May 2011 total.
- The median sales price increased in Cook, Kane and McHenry counties.
- On detached homes, median prices increased over May 2011 in by 4 percent, up to $187,500 from $180,000.
We are happy to see that Chicago real estate is on the move again – and in the right direction!