Strong Chicago Condo Sales Help Local Real Estate Market

Posted by Helaine Cohen on Wednesday, March 13th, 2013 at 2:35pm.

Chicago Condo Sales UpChicago condo sales have been assisting the local real estate market with its recovery. In fact, this is the strongest the local real estate market has been since 2006 due to a surge Chicago condo sales in December. A combination of sales for attached and detached homes in the seven-county metro area were up 20% year-over-year, while the sales of attached homes climbed 23%.

According to MRED (Midwest Real Estate Data), the regional multiple listing service, there’s good news across the board when it comes to Chicago real estate. They found that sales prices are moving in tandem with the number of sales: up. In December, the median sales price of all homes sold was 5.5% higher than a year before. The median price for an attached home saw even greater growth at 7.5%, ending at $123,600 in December. Additionally, the average market time in December dropped to 138, down from 174 days one year ago. 

While December home sales rose in each of the seven counties, Chicago real estate saw marked gains at 16%, while the city also recorded a 16% year-over-year gain in the median sales price for the second consecutive month. Here’s a look at each of the seven counties and their sales gains year-over-year--Kendall County and McHenry County: 26%, Lake County: 25%, Cook County: 21%, DuPage County: 14%, Kane County: 16%, and Will County: 10%. The median sales price for homes in Chicago during December was $179,900.

But the talk was all about the sale of Chicago condos and other attached homes like condominium apartments and townhomes. Sales soared in portions of the metro market, including Lake County who saw a 55% increase during December as compared to the year before. Kendall County, DuPage, and McHenry also saw notable gains in sales activity of attached homes at 26% for Kendall and 23% for both DuPage and McHenry. Sales of Chicago condos jumped 18% than a year prior, while the median price climbed 31% to $235,000.

 Interested in Chicago homes? Please contact me to discuss your real estate objectives. I’d love to show you around.

Helaine Cohen, Chicago Real Estate Broker

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