November generated the same robust home sales activity with higher prices that characterized the metro Chicago real estate market in October, according to RE/MAX. Those findings are based on an analysis of transaction data compiled by Midwest Real Estate Data, LLC (MRED), the regional multiple listing service.
November sales of attached and detached homes in the seven-county area totaled 7,500 units, which is 37 percent more than in November 2011. The median sales price was $155,000, up 3.3 percent from the $150,000 median price recorded 12 months earlier. Average market time, which is the average number of days a home sold in November was on the market before a sales contract was signed, fell from 170 days in November 2011 to 136 days in November 2012.
“Stronger home sales, higher home prices and the accelerated disposition of foreclosed homes support consumer confidence and the belief that the economy has turned the corner,” said Laura Ortoleva, media spokesperson for the RE/MAX Northern Illinois real estate network.
November sales activity was up uniformly across all seven counties when compared to year-earlier results. The largest gain was in McHenry County, where 369 sales were closed and a 53 percent increase experienced. DuPage County had a 51 percent increase, with 897 units sold. Results for the other counties were as follows: Cook, 4,191 units, up 32 percent; Kane, 523 units, up 35 percent; Kendall, 175 units, up 37 percent; Lake, 707 units, up 38 percent; and Will, 638 units, up 40 percent.
Sales in the City of Chicago climbed 22 percent to 1,770 units, and the city also recorded the biggest rebound in home prices. The median sales price in November was $180,000, 16 percent higher than a year earlier.
Four of the seven counties also recorded increases in the median sales price. Gains were achieved in Cook (up 7 percent to $150,100), DuPage (up 5 percent to $195,000), Lake (up 4 percent to $158,000) and Will (up 3 percent to $157,750). Prices slipped in Kane (down 5 percent to $137,500), Kendall (down 10 percent to $151,500) and McHenry (down 13 percent to $130,000).
Sales of distressed homes (foreclosures and short sales) totaled 3,227 units in November, a 36 percent increase over the prior year. These properties accounted for 43 percent of all November transactions in the seven-county area, up from 42 percent in October. The median sales price of a distressed home rose 6 percent to $90,000, compared to $84,950 in November of last year.
Sales of attached homes (primarily condominium apartments and townhouses) soared 42 percent in November across the metro area to 2,722 units from 1,914 units during the same month last year. The median sales price climbed 1 percent to $121,500, while the average market time improved to 144 days from 184 days a year ago.
Attached-home sales volume climbed in all seven counties led by a 95 percent gain in McHenry County, where 78 units changed hands. Results for the other counties were as follows: Cook up 40 percent to 1,904 units, DuPage up 60 percent to 310 units, Kane up 32 percent to 107 units, Kendall up 39 percent to 50 units, Lake up 34 percent to 137 units and Will up 40 percent to 136 units. Sales volume in Chicago climbed 36 percent to 1,052 units.
The median price of attached homes rose 7 percent in Cook County to $133,151, and jumped 12 percent in Chicago to $205,750. It was unchanged in Lake County at $110,000. However, the median price declined in the five other counties. It fell 10 percent in Lake County, dipped 4 percent in Kane and McHenry counties, declined 9 percent in Kendall County and was down 2 percent in Will County.
Average market times in November for attached units ranged from a high of 185 days in DuPage to a low of 89 days in McHenry, where it had been 237 days a year earlier.
In the detached-home market, sales activity also climbed substantially. Sales totaled 4,778 units in the metro area, up 34 percent over the prior November. The median sales price was 4.5 percent higher than 12 months earlier at $172,500. Average market time declined to 132 days from 162 days in November 2011.
Detached sales registered strong increases in all six of the collar counties, rising 46 percent in DuPage (587 units), 45 percent in McHenry (291 units), 39 percent in Lake (570 units) and Will (502 units) and 36 percent in Kane (416 units) and Kendall (125 units), relative to the sales levels of November 2011.
Sales volume climbed 27 percent in Cook County to 2,287 units, which included a 6 percent increase in Chicago, where transaction volume was 718 units.
The median sales price of detached homes in November was higher in five of the seven counties. In DuPage, it rose 11 percent to $264,500; in Cook, it was up 7 percent to $160,100; in Lake, the gain was 5 percent to $179,750; in Will, the median was $170,000, a 3 percent gain, and in Kane, it was up 2 percent to $157,500. The median price declined 11 percent in Kendall to $175,000 and fell 10 percent in McHenry to $150,000. In Chicago, the median price rose 15 percent to $155,000.
Average market times for detached homes showed significant improvement across the board. Lake County, at 148 days, had the longest market time, but that compared to 187 days a year earlier. Kendall County, at 114 days, reported the fastest pace of sales.
—RE/MAX provided this information.