March Housing Sales In Chicago Reach 5-Year High
By Chuck Sudo in News on Apr 22, 2013 4:45PM
The Illinois Association of Realtors has good news for the Chicago housing market. Home sales last month increased by 13.8 percent over March 2012. 1,894 houses were sold last month in Chicago, compared with 1,664 last year at this time. The median price for a home sale in March increased by 9 percent in Chicago, $187,500 to $172,000. Condo sales also jumped by 9.3 percent, to $235,000.
The Chicago numbers parallel a statewide trend, according to the group. March home sales were up statewide 13.6 percent and the median price increased 3.6 percent. But the housing market hasn't fully recovered. According to the Tribune, a lack of quality homes on the market has led to the good ones being snatched up faster. In Cook County, the average time a home is on the market from list to closure is 78 days, compared to 97 ast year. In Chicago that number drops to 70 days, a 25 percent drop from last year. Even though demand is increasing for homes, 76 percent of the sales recorded were either short sales or foreclosures, or distressed properties. Median home sales are still below their historic highs before the bursting of the housing bubble, meaning you can get more bang for your buck if you find the right home.