CHICAGO—The state's data on home sales has, in general, been quite positive for a long time, so it's rare to hit a month like this February, when home sales were actually 6.2% lower than in February 2013, according to the latest report from the Illinois Association of REALTORS®. Median prices did, however, increase 6.9% over last February, continuing that long-term trend.
"The start of the year has been bedeviled by bad weather,” says Phil Chiles, president of the realtors' association and broker-associate with the Real Estate Group in Springfield, IL. "Increasing prices should prove attractive to homeowners who may have hesitated to sell in the past because they felt their homes were undervalued."
A total of 7,868 Illinois homes were sold during February, down from 8,388 sold in February 2013. And the statewide median price last month was $132,500, a boost from the previous February when the median price was $124,000.
The number of homes hitting the market has also been significantly lower. Only 56,620 homes were on the market last month, down 19.2% compared to February 2013, when 70,053 homes were up for sale.
Chicago's nine-county metropolitan area also saw a drop in sales. A total of 5,574 homes, including condominiums, were sold last month, a decrease of 8.2% over the previous February. And city of Chicago homebuyers closed on 1,361 homes last month, down from 1,411 in February 2013, a 3.5% decrease. And much like other areas, median prices also rose in Chicago. The median price rose to $175,000 versus $156,050 in February 2013, an increase of 12.1%.
“February's weather was not anymore welcoming to buyers than January in Chicago,” says Matt Farrell, president of the Chicago Association of REALTORS® and managing partner of Urban Real Estate. “People do not want to go shopping for homes in unseasonably cold weather.”
"Buyers are, however, ready to move and as homes come on the market, they are aggressively making their best offers,” he adds. “Median pricing is up, signaling a strong market on the rise. As sellers get their homes show-ready for a spring market, we believe these homes, too, will move quickly, if priced right.”
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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.
