Illinois condominium sales surged 5.5 percent in February compared with last year’s mark, while existing single-family home sales remained roughly flat, the Illinois Association of Realtors reported today. Condo sales rose from 2,598 in February 2003 to 2,740 in February 2004, and the median condo price rose 7.6, from $168,100 to $180,800.
Meanwhile, there were 6,669 existing single-family home sales reported in February 2004, a 0.1 percent gain over sales in 2003 and a record for the month of February.
For the Chicagoland Primary Metropolitan Statistical Area, condo sales increased from 2,443 in 2003 to 2,561 in February 2004, a 4.8 percent gain, and the median price for condominimums rose 7.7 percent, from $170,400 to $183,500. Existing single-family home sales dropped from 4,061 in February 2003 to 4,048 in February 2004, while the median price rose from $204,400 to $215,500.
“The real estate market is well-poised to shake off signs of hibernation soon as we head into spring and with interest rates lower than they were last year at this time,” said John C. Kmiecik, association president. The association has about 50,000 members.
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