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 2003 to 54,690 condos sold compared to 50,172. The median condo price was up 6.7 percent year-over-year to $189,900 in 2004 compared to $178,000 in 2003.
Mirroring state figures, in the Chicagoland Primary Metropolitan Statistical Area (PMSA), existing single-family home sales were up 5.4 percent in December 2004 with 6,025 sales compared to 5,715 sales in December 2003. The median existing single-family home price in the Chicagoland PMSA last month was $242,400, up 9.7 percent from $221,000 in December 2003. For the year, sales of existing, single-family homes in the Chicago metro area were up 3.8 percent to 80,921 homes sold compared to 77,951 homes sold in 2003.
Condominium sales in the Chicagoland PMSA rose 15.1 percent in December 2004 to 4,161, while the condo median sales price increased 8.8 percent to $203,700. In December 2003 condo sales for the Chicagoland PMSA totaled 3,616; the median price was $187,200.
The median price for a home in Illinois in December came in at $184,000, up 6.8 percent from $172,300 in December 2003. The median is a typical market price where half the homes sold for more, half sold for less. Looking back over the year, the median price of an existing, single-family home increased 6.2 in 2004 to $184,600 compared to $173,900 in 2003.
Ohio home sales in December 2004 posted a record-setting 10,215, an 8.2 percent increase from the previous best of 9,443 sales posted during the month last year, according to the Ohio Association of Realtors. The month’s average sales price of $150,739 is a 0.2 percent increase over the December 2003 average sales price of $150,434.
Statewide sales of new and existing homes in Ohio (January-December) totaled 140,589, a 7.7 percent increase from the prior record of 130,534 sales posted in 2003.
Ohio’s average sale price (January-December) of $151,779 marks a 2.1 percent increase from the $148,705 average posted in 2003. The total dollar volume set a new record of $21.3 billion, a 9.9 percent increase from the prior best of $19.4 billion posted during 2003.
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