CHICAGO—The state's housing market saw its customary spring jump in March, although compared to last year, sales in some key regions were flat, and the housing supply is low for the season, according to the Illinois REALTORS®. Statewide home sales totaled 11,900 homes sold, up 1.9% from 11,676 in March 2015.
The statewide median price in March was $172,000, up 4.3% from March 2015 when the median price was $164,950. The time it took to sell a home in March averaged 77 days, down from 85 days a year ago. Available housing inventory totaled 58,613 homes for sale, a 12.3% decline from March 2015 when there were 66,852 homes on the market.
“I think many people, both buyers and sellers, still feel uncertain about the economy,” Illinois REALTORS® president Mike Drews, broker-associate with Charles B. Doss Co. in Aurora, tells GlobeSt.com. And the uncertainty surrounding the upcoming election, and the state's budget and what that could mean for property taxes, has not helped ease minds. “We are also moving through the short sales and foreclosures, and there are fewer and fewer of them.”
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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.
