Illinois residential sales posted solid growth in the third quarter, as total home sales grew 3.9 percent from a year ago, according to the latest report from the Illinois Association of Realtors.
A total of 54,749 single-family homes and condominiums sold across the state in the third quarter of 2005, up from 52,682 sales in third-quarter 2004.
Year-to-date home sales for the first nine months of the year totaled 142,207, up 3 percent from 138,077 in 2004.
“After a slight breather in July, sales in August and September were especially robust compared to past years with Illinois Realtors logging record sales of both single-family homes and condos for those months. Strong demand remains for housing and any slight rise in interest rates over the period did little to concern motivated buyers,” said Stan Sieron, president of the Illinois Association of Realtors. “For the quarter, rates were below 6 percent and have been a driving force in the five-year housing boom. Strong demand and affordable rates should continue as we transition from a boom to a healthy expansion.”
Single-family home sales for the quarter were up 1.3 percent to 37,833 homes sold from 37,346 in 2004. The median price of a single-family home during the third quarter of 2005 was up 11.1 percent to $211,000, compared with $189,900 last year in the same period.
The Illinois condominium market reported 16,916 units sold in the third quarter of 2005, a 10.3 percent increase over 2004 figures of 15,336 units sold for the same period. The statewide median price for condos increased 8 percent to $208,200, compared with $192,775 in the third quarter of 2004.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), sales of single-family homes were up 0.6 percent in the third quarter to 23,571, compared with 23,427 home sales in 2004. The median price of single-family homes sold in the Chicagoland PMSA increased 10 percent to $275,000 in the third quarter of 2005, compared with $250,000 in the same period one year ago. The Chicagoland PMSA includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
The Chicago PMSA saw a 10.1 percent increase in condominium sales in the third quarter of 2005 to 16,246 units sold, from 14,749 in 2004. For the Chicagoland area, the median condo price rose 9 percent in the third quarter of 2005 to $213,000, compared with $195,500 in 2004.
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