Industry News

Midwest real estate markets post sales records

Condos retain high demand in Chicago

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Home sales in Illinois and Ohio reached record highs in 2004, according to Realtor associations in both states. Last year marked the strongest year on record for housing in Illinois with December sales of existing, single-family homes ending the year on a high note, up 5.5 percent over December 2003 sales. According to the latest survey from the Illinois Association of Realtors, a total of 126,946 sales statewide have been reported for the year 2004, up 4.3 percent from 121,712 total sales in 2003. Monthly sales of existing, single-family homes in Illinois in December were up 5.5 percent to 9,509 homes sold compared to 9,014 homes sold in the same month one year ago. Illinois condominium sales in December were up a robust 12.6 percent to 4,337 condo sales compared to 3,852 sales in the same month last year. The statewide median condo price was $198,900 in December 2004, up 8.9 percent over last year's $182,600. Year-end 2004 figures for condos in Illinois were up 9 percent from 20...