Home sales in Illinois rose 18.8 percent in November and the median price of an existing single-family home increased 9.2 percent compared to the same period a year ago, the Illinois Association of Realtors reported today.
November existing single-family home sales totaled 9,977, up from 8,398 homes sold in November of 2003.
The median price of an existing single-family home in November was $184,000, up from $168,600 in November 2003. The median is a typical market price where half the homes sold for more, half sold for less.
Year-to-date sales (January through November) increased 4.3 percent to 117,592 homes sold, compared to 112,698 in sales during the same period of last year.
“The surprising number of Illinois home sales reported in November delivered reinvigorating confidence to the financial and real estate market. Keeping this sustainable pace well into the new year will be in direct relation to job and income growth, rising consumer confidence and no dramatic rise in mortgage interest rates,” said John Veneris, president of the Illinois Association of Realtors. “Home sales are on track to set a third consecutive record year setting the pace for a healthy housing market in 2005.”
There were a total of 4,161 condominium sales in November, up 26.9 percent from 3,280 sales in the same month last year. The statewide condominium median price for November was $191,800, up 7 percent from $179,300 one year ago.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), existing single-family home sales totaled 6,234, up 17.4 percent from 5,311 home sales in November 2003. The median existing single-family home price in the Chicagoland PMSA last month was $242,600, up 10.2 percent from $220,200 in November 2003.
Condominium sales in the Chicagoland PMSA rose 27.1 percent in November to 3,929, while the condominium median sales price increased 7.8 percent to $196,900. In November 2003 condo sales for the Chicagoland PMSA were 3,092; the median price was $182,600.
“In 2004, condo sales are on pace to complete a sixth consecutive record-setting year statewide. Although condo prices have increased year-to-year, they still represent a more affordable option for many first-time buyers,” said Veneris, broker-owner of Realty Executives Pro/Team of Downers Grove and Realty Executives Realtors in Naperville.
The Chicagoland PMSA includes the counties of Cook, DuPage, Lake, McHenry, Kane, Will, Grundy and Kendall.
The Illinois Association of Realtors is a voluntary trade association whose 50,700 members are engaged in all facets of the real estate industry.
What’s your opinion? Send your Letter to the Editor to firstname.lastname@example.org.