Rebound in Metro Chicago Real Estate Market Hit New Heights in 3rd Quarter, RE/MAX Reports
Chicago, IL (PRWEB) November 05, 2013 - The residential rebound in the metropolitan Chicago real estate market hit new heights during the third quarter of this year, according to an analysis by RE/MAX in which results for the quarter were compared to the same period last year. Sales activity in the seven-county area soared 31 percent to 33,148 units, and the median price of homes sold during the quarter gained 16 percent to $210,000.
Third-quarter results exceeded those in the same period last year. They also surpassed results for the second quarter this year, with sales activity 6 percent higher and the median price up 11 percent.
The year-over-year percentage increases in the median price for both the second and third quarters were greater than the year-over-year gain recorded for any other quarter over the last eight years.
Another sign of strength in the market, according to the RE/MAX analysis, is that the average amount of time it took for a newly listed home to go under contract during the third quarter was 96 days. That compares to 139 days a year earlier and 115 days in the second quarter this year. It was the shortest quarterly average market time since the fourth quarter of 2006.
The increase in the median price reflects both higher home values and a decline in the percentage of sales accounted for by distressed sales (foreclosures and short sales). Distressed sales represented 30 percent of all third quarter sales this year, down from 38 percent a year ago.
Fifty-six percent of all sales in the metro area were in Cook County, with 18,397 homes changing hands, including 8,118 in Chicago. In both Cook County and Chicago, sales were 28 percent higher than in the same quarter last year.
The six other metro counties also had more sales than during the same period last year, led by Lake County, with 3,412 homes sold, a 41 percent increase. DuPage County followed with 4,186 homes sold, a 39 percent increase. In Will County, there were 2,750 homes sold, a gain of 30 percent. In Kane County, 2,263 homes sold, a gain of 25 percent. McHenry County had 1,477 homes sold, an increase of 37 percent, and in Kendall County, homes sold totaled 662, a 17 percent gain.
The median sales price for each county was: Cook, $198,000, up 20 percent; DuPage, $232,000, up 11 percent; Kane $173,000, up 20 percent; Kendall, $180,500, up 17 percent; Lake, $214,500, up 14 percent; McHenry, $160,000, up 7 percent; Will, $180,000, up 13 percent. For the City of Chicago, the median sales price for the quarter rose 24 percent to $244,000.
Sales of detached homes in the metro Chicago market increased an impressive 32 percent for the quarter to 21,084 units. The median sales price climbed 16 percent to $210,000. Average market time for the quarter was 97 days, 38 days less than a year earlier.
The number of detached homes changing hands rose in all seven metro counties during the quarter. Sales were up 28 percent in Cook and Kendall, 41 percent in DuPage and Lake, 25 percent in Kane, 27 percent in Will County and 35 percent in McHenry. Sales in Chicago increased 25 percent.
The median sales price also increased in each of those counties. It climbed 17 percent in Cook to $199,000, 22 percent in Kane to $199,450, 14 percent in Will to $206,000, 12 percent in DuPage to $300,000, 11 percent in Kendall to $205,000, 10 percent in Lake to $247,750 and 8 percent in McHenry to $184,000.
Unit sales of detached homes in Chicago climbed 25 percent, and the median sales price rose 20 percent to $180,000.
In the attached home segment of the residential market – primarily condominium apartments and townhouses – sales in the metro area during the third quarter totaled 12,604 units, a 30 percent increase over the same period last year. The median sales price rose 19 percent to $160,000. The average market time for the quarter dipped to 94 days, a 52-day decline from the prior year.
Completed sales of attached homes increased in six of the seven metro Chicago counties, and the median sales price climbed in all seven compared to the third quarter last year. Results for the counties were as follows:
Cook: transactions rose 27 percent, while the median price was $197,000, a 23 percent gain.
DuPage: transactions increased 35 percent, while the median price was $132,000, up 13 percent.
Kane: transactions climbed 26 percent, while the median price was $125,000, up 14 percent.
Kendall: transactions fell 9 percent, while the median price was $105,500, up 15 percent.
Lake: transactions rose 39 percent, while the median price was $136,550, up 17 percent.
McHenry: transactions increased by 45 percent, while the median sales price was $110,000, up 10 percent.
Will: home sales rose 40 percent, while the median sales price was $133,000, up 12 percent.
In Chicago, sales of attached homes gained 30 percent, and the median price increased 18 percent to $279,000.
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