FOR RELEASE: May 22, 2013
For Further Information Contact: Stephanie Sievers, 217-529-2600
SPRINGFIELD, Ill. — Illinois home sales increased 25.3 percent over previous-year levels in April and median prices increased 7.7 percent, according to the Illinois Association of REALTORS®.
Statewide home sales (including single-family homes and condominiums) in April 2013 totaled 12,621 homes sold, up from 10,076 in April 2012. This was the best April performance since 2007.
The statewide median price in April was $145,900, up 7.7 percent from April 2012 when the median price was $135,500. The median is a typical market price where half the homes sold for more and half sold for less.
"The spring numbers are very encouraging, especially as we see substantial tightening of the numbers of homes on the market," said Michael D. Oldenettel, CRS, GRI, president of the Illinois Association of REALTORS® and Managing Broker/Owner with RE/MAX Results Plus in Jacksonville, Ill. "While prices are inching up slightly due to strong demand, the interest rates continue to be a powerful lure for those who want to own a home and the spring housing market looks to be a strong one."
The inventory of homes for sale in April was 62,503 units, a 30.6 percent drop compared to last year’s 90,041 units. The time it takes to sell a home has also fallen with days on market averaging 89 days in April, down 19.8 percent from 111 days in April 2012.
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.42 percent in April 2013, down from 3.54 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last April it averaged 3.89 percent.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in April 2013 totaled 9,152 homes sold, up 31.2 percent from April 2012 sales of 6,977 homes.
The median price in April 2013 was $173,000 in the Chicago PMSA, up 8.1 percent from $160,000 in April 2012.
“The housing market is exhibiting signs of a more stable recovery with an anticipated strong early summer led by strong sales gains and more modest but still positive gains in median prices,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “Average time on the market, the growth in the pending sales index and an increase in the share of total sales captured by more expensive properties point to a return to greater stability in the market.”
Fifty-five (55) of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in April 2013. Forty-two (42) counties showed year-over-year median price increases including Knox, up 32.1 percent to $72,000; Lake, up 16.1 percent to $188,125; Grundy, up 15.7 percent to $155,000; Cook, up 11.9 percent to $172,900; and Madison, up 4.5 percent to $116,000.
The city of Chicago saw a 28.4 percent year-over-year home sales increase in April 2013 with 2,331 sales, up from 1,816 in April 2012.
The median price of a home in the city of Chicago in April 2013 was $222,000 up 22.0 percent compared to April 2012 when it was $182,000. Chicago condo prices also saw strong gains for the month, posting a 21.1 percent jump to $272,500.
“Housing numbers continue to indicate a steady market recovery in Chicago,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “We are pleased to see condo sales, in particular, regain their strength. The biggest challenge currently is a steep decline in inventory, which may pose difficulty for buyers looking for a wide selection in certain areas. On the other hand, it is a great time for people who are considering selling to talk with a REALTOR®.”
Sales and price information is generated by Multiple Listing Service closed sales reported by 31 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of May 7, 2013 for the period April 1 through April 30, 2013. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
The Illinois Association of REALTORS® is a voluntary trade association whose 41,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.
Find Illinois housing stats, data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.
MEDIA ONLY: Economist Dr. Geoffrey J.D. Hewings will be available for media interviews between 9 a.m. and noon CST on May 22.