Industry News

Condos buoy Illinois real estate market

State poised to break annual sales record

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Despite a dip in Illinois home sales in November from a year ago, sales for 2005 are headed for a fourth straight record year, aided by strong demand for condos, the Illinois Association of Realtors reported. Total home sales (which include single-family homes and condominiums) were 13,390 in November, off just 0.9 percent from 13,514 sales in November 2004. The Illinois median home price in November was $202,000, up 9.8 percent from $183,900 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. Statewide, single-family home sales were down 4.2 percent in November 2005 to 9,240 homes sold from 9,642 in November 2004. The median single-family home price in November was $200,000, up 11.1 percent from $180,000 a year earlier. In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 5,713, down 3.1 percent from 5,896 home sales in November 2004. The median single-family home price for th...