Home Prices in Metro Chicago Real Estate Market Continue Positive Trend With 18% Gain in August, Reports RE/MAX
September 17, 2013 // Franchising.com // CHICAGO – The metropolitan Chicago real estate market continued to see home prices regain ground in August. The median home sales price was 18 percent higher than in August of last year, following up on a 19 percent gain in July, reports RE/MAX.
The pace of the market also continued to accelerate. The average market time for homes sold during August in the seven-county metropolitan Chicago real estate market was 93 days, down from 97 days in July and 139 days in August of last year. At the same time, RE/MAX found that the number of homes sold in the metro area during August was 25 percent higher than a year ago.
Home sales totaled 11,601 units, and the median sales price was $200,000. The supply of detached and attached homes for sale grew in August, reaching 34,782. That is the largest inventory number for any month this year. There is currently a 3 month supply of homes on the market based on the pace of sales in August. A year ago, that same calculation yielded a 5 month supply. The RE/MAX analysis is based on sales data gathered by MRED, LLC, the regional multiple listing service.
Sales of distressed properties (foreclosures and short sales) again declined as a percentage of the total market. Distressed sales accounted for 28 percent of all August home-sale transactions. It was 38 percent a year earlier and 29 percent in July of this year.
Transaction volume and the median sales price rose in all seven metro counties and in Chicago during August when measured against results for the same month last year. Average market time was less than 100 days in five of the seven counties.
The median price in Chicago gained 22 percent to $242,000. Six of the seven counties registered a gain in the median sales price of 13 percent or more when compared to August 2012, led by 18 percent increases in Cook and Kendall Counties. The median price in Cook rose to $200,000, and it reached $182,650 in Kendall. The median price increases in the other counties were: 17 percent in Lake to $220,551, 16 percent in Kane to $174,500, 15 percent in DuPage to $235,000, 13 percent in Will to $185,000 and 6 percent in McHenry to $161,750.
August home sales were up 22 percent or more year-over-year in six of the seven counties and Chicago. Leading the way were Lake County, where sales rose 37 percent to 1,250 units, and DuPage County, where there was a 34 percent increase to 1,471 units. Elsewhere, Kendall County gained 31 percent to 244 units; sales in Cook County climbed 22 percent to 6,409; McHenry County sales rose 29 percent to 520 units; Will County sales rose 22 percent to 930 units, and there was a 15 percent increase in Kane County to 776 units. Sales in Chicago were up 22 percent to 2,845 units.
Sales activity in the detached-home segment of the metro Chicago real estate market remained robust in August, with 7,405 transactions completed, 26 percent more than during the same month last year. The median sales price rose 18 percent to $219,900, and the average market time shortened to 93 days from 134 days a year ago.
The county-by-county results for detached home sales, comparing August 2013 with August 2012, are as follows:
Cook – Transactions were up 23 percent, with 3,520 units sold. The median sales price gained 14 percent to $199,900. In Chicago, which is part of Cook County, 1,054 homes changed hands, a 19 percent increase, and the median price rose 15 percent to $170,000.
DuPage – Sales of 929 units represented a 34 percent increase. The median price climbed to $305,000, gaining 14 percent.
Kane – Closed sales totaled 617 units, a 15 percent increase. The median price rose 20 percent to $198,500.
Kendall - Sales activity was 38 percent higher at 190 units; the median price climbed 10 percent to $203,000.
Lake – Home sales totaled 980 units, a 36 percent gain. The median price was up 11 percent to $250,000.
McHenry – Sales activity increased 29 percent to 423 units. The median price gained 13 percent to $192,000.
Will – Home purchases moved 21 percent higher to 745 units, and the median price rose 18 percent to $210,000.
Demand for attached homes remained solid in August, with sales rising 23 percent to 4,196 units and the median sales price climbing 18 percent to $164,825 when compared to the same month last year. Average market time for attached units, which are primarily condominium apartments and townhouses, was 93 days compared to 149 days a year earlier. Results for each of the seven metro counties are as follows:
Cook – Unit sales of attached homes rose 20 percent to 2,889; the median sales price increased 21 percent to $200,000. In Chicago, unit sales were up 24 percent to 1,791, and the median price advanced 18 percent to $281,250.
DuPage – Sales of 542 units represented an increase of 34 percent. The median price climbed 14 percent to $138,000.
Kane – Both unit sales, which totaled 159, and the median price, which rose to $125,000, were up 14 percent.
Kendall – Sales were up 10 percent to 54 units; the median price gained 22 percent to $110,000.
Lake – A 41 percent sales increase to 270 units was accompanied by a 16 percent rise in the median price to $136,550.
McHenry – Sales were 29 percent higher at 97 units, while the median price rose 15 percent to $100,000.
Will – A total of 285 completed transactions delivered a 29 percent increase. The median price was up 8 percent to $135,000.
RE/MAX has been the leader in the northern Illinois real estate market since 1989. The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of 2,000 sales associates and 100 individually owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services. Its www.illinoisproperty.com and www.remax.com websites are leaders in consumer visits among real estate franchise brands. The www.global.remax.com website allows consumers to search properties around the globe; www.theremaxcollection.com is a specialized portal of luxury properties across the U.S., and www.remaxcommercial.com displays commercial properties available nationwide and abroad. The northern Illinois network is part of RE/MAX LLC, a global real estate organization with 91,000 sales associates in 90+ nations. The RE/MAX organization has been recognized for numerous industry honors for excellence, and its Associates continue to lead the industry in professional designations, experience and production. Nobody in the world sells more real estate than RE/MAX. RE/MAX is the official real estate partner of Children’s Miracle Network Hospitals and the national sponsor of Susan G. Komen for the Cure®.