Chicago Relocation
 

October 2012 the High Home Sales

November 28, 2012

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John D’Ambrogio

Illinois Association of Realtors announced that more homes were sold this past October than any October since 2006.  The nine county Chicago area sold a total of 8,326 properties.  That is 3,000 more homes sold from October 2011, and a volume increase of 11.3 percent over September 2012.

Within the city of Chicago 2,009 homes were sold an 8.8 percent increase over September and up 53.1 percent from October 2011.  60 percent of this volume was from sold condominiums.  The city median price rose to $175,000, eight percent higher from one year ago, but it is still the lowest monthly price since March.

Overall prices were down compared to the rest of 2012 but the prices are still up from 2011.  While prices were low for 2012 the high number of sold homes means inventory is being removed from the market.  Removal of this inventory is necessary so prices have a chance to truly stabilize and maybe even consistently rise.  Low inventory also could give underwater homeowners a chance to become a little less underwater, and strong sales shows buyer’s confidence increasing .  So despite October having the lowest prices since March 2012 other, bigger picture, activates are happening.

As we move further into the final chunk of the fourth quarter there’s hope that October was an indicator for the potential end results of 2012′s market.

“There’s a great deal of end-of-the-year excitement,” said Zeke Morris, president of the Chicago Association of REALTORS and Operating Principal and Managing Broker, Keller Williams Realty, CCG to Illinois Association of Realtors.  ”Typically our numbers are down in the fourth quarter, but we’re starting strong this year which is a good indicator that we’re beginning to catch up to other markets in Illinois.

“Although we’ve seen about an 8 percent drop in median condo prices, we’re making up for it in the number of unit sales and trending in the right direction” he said.

 

Some comments from Baird & Warner Intern Elizabeth McGrath