CHICAGO—The predictions that Illinois home sales would continue at a healthy clip through the fall seem to be coming true. According to statistics just published by the Illinois Association of REALTORS®, a total of 13,018 homes were sold in September, an increase of 19.8% over September 2012. Furthermore, the median price for homes was $157,000, up 12.9% from the previous year. According to a statement from the association, “it was the strongest September in terms of sales since 2006, when 13,594 homes sold statewide.”
In addition, the data show that owners were able to sell their homes in an average of only 61 days, down 26.5% from the 83 days it took last September.
“September homebuyers showed they were not going to be deterred by slight interest rate increases or the possibility of a federal government shutdown,” says Phil Chiles, president of the state association and broker-associate with The Real Estate Group in Springfield. “The numbers reflect a strong end to the warm weather selling season, and provide good momentum into the final quarter of the year.”
The buying and selling picked up across the state. In the nine counties that comprise the Chicago metropolitan area, for example, a total of 9,583 homes, including condominiums, were sold, an increase of 25.6% over the previous September. And city of Chicago homebuyers closed on 2,352 homes, up from 1,906 in September 2012, a 23.4% increase. The median price of a metropolitan area home in September 2013 was $185,000, up 15.6% from $160,000 in September 2012.
“The partial government shutdown has dampened the housing market's continuing recovery,” notes Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois. “However, both sales and prices are forecast to continue at a much faster rate than a year ago and continued completion rates for foreclosures promise a return to a more normal market situation within 6 to 12 months.”
Chicago condo median prices continued to climb at double-digit rates, posting a 18.7% jump to $273,000, the association's data show. And their average time on market was only 50 days, down 30.6% compared to 72 days in September 2012.
"The surge we've seen is likely due to an increased feeling of stability in the housing market, as well as the return of jumbo loan options for buyers,” says REALTOR® Matt Farrell, managing partner at Urban Real Estate and president of the Chicago Association of REALTORS®. “Chicago remains among the most affordable urban markets for families looking to make a world-class city their home, and still offers attractive housing options for those in the first-time buyer or move-up marketplace."
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
