Chicago-area home sales jumped last month, according to data released this morning.
PRINGFIELD, Ill. – Illinois homes sales regained momentum in November with double-digit increases in annual home sales and continued strong gains in median prices, according to Illinois REALTORS®.
Home Sales statewide (including Single-Family Homes and Condominiums) the in November 2016 totaled 11,341 homes sold, up 14.8% from 9,881 in November 2015.
The statewide median price in November was $ 178,000, up 7.9 percent from November 2015 when the median price was $ 165,000. The median is a typical market price where half the homes sold for more and half sold for less.
„Buyers Were significantly motivated the in November, with the-depressed Sales Numbers from October Suddenly seeing a Reversal, “ Said Illinois REALTORS® President’s, Doug Carpenter’s, volume ABR, AHWD, the GRI, SFR had of Mokena, Managing Broker of Coldwell Banker’s Honig-the Bell the in Orland Hills . “ Sellers Were the-now big Beneficiaries of the in This Market interest & Surge, as Buyers Determined Now That the-Election is the over and interest & RATES Might BE Moving Higher, IT’s Time to the finally the make a Decision.“
The time it took to sell a home in November averaged 62 days, down from 68 days a year ago. Available housing inventory totaled 57,310 homes for sale, a 14.7% decline from November 2015 when there were 67,187 homes on the market.
The monthly average commitment rate for a 30-year, fixed-rate mortgage was 3.77% in November 2016, an increase from 3.47% the previous month, according to the Federal Home Loan Mortgage Corp. In November 2015 it averaged 3.93%.
In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in November 2016 totaled 8,093 homes sold, up 16.0% from November 2015 sales of 6,979 homes. The median price in November 2016 was $ 215,000 in the Chicago PMSA, an increase of 10.3% from $ 195,000 in November 2015.
“ With the finally the over the-Election, Consumers appeared to Have responded with a SIGNificant the in Sales Growth (Year-the over-Year),“ Said Geoffrey the JD Hewings, Director of the-; Regional Economics, the Applications Laboratory, the University of AT the-Illinois. “ Supply Continues to BE a problem, BUT Prices of Both Regular and the foreclosed PROPERTIES increased and the-Forecasts Suggest That these Trends Will the continue Into the-First Quarter of 2017.“
According to the data, 57 Illinois counties reported sales gains for November 2016 over previous-year numbers, including Lake County, up 25.6% with 730 units sold; Madison County, up 16.9% with 249 units sold; Cook County, up 13.1% with 4,422 units sold; and Peoria County, up 9.3% with 165 units sold. Fifty (50) counties showed year-over-year median price increases including Kankakee County, up 15.8% to $ 125,000; McHenry County, up 12.5% to $ 193,812; and McLean County, up 2.0% to $ 161,000.
The city of Chicago saw a 13.2% year-over-year home sales increase in November 2016 with 1,881 sales, up from 1,661 in November 2015. The median price of a home in the city of Chicago in November 2016 was $ 260,000, up 11.3% compared to November 2015 when it was $ 233,500.
“ The SHARP an uptick the in Both Single Family and a condo Home Sales reflects Consumers’ Desire to the enter the-for homeownership Marketplace as Opportunities Present Themselves, with the-anticipated Rise the in RATES and declining Inventory Boosting Activity ,“ Said’s Matt the Silver, President of the-the Chicago Association, of Realtors ® and partner at Urban Real Estate. „Buyers WHO’ve Been Watching from the sidelines and the-May Have Been distracted for a Multitude of REASONS, including the-the Cubs the World Series the run and the-Election, Are Being spurred action The Into, and Both Buyers and Sellers Are Reaping the-Rewards .“
Sales and price information are generated by Multiple Listing Service closed sales reported by 28 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of Dec. 7, 2016 for the period Nov. 1 through Nov. 30, 2016. The Chicago PMSA, as defined by the US Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
Illinois REALTORS® is a voluntary trade association whose more than 44,000 members are engaged in all facets of the real estate industry.
Find Illinois housing stats, data, the University of Illinois REAL forecast and a forecast looking ahead to 2017 AT www.illinoisrealtors.org/marketstats .
Infographic: 2017 Market Forecast What’s the housing market look like in 2017
