This morning, the Illinois Association of Realtors (IAR) reported that home sales in the city of Chicago rose 2.2 percent over last year (1,079 sales in February 2012 compared to 1,056 in February 2011), but were down 1.3 percent over January 2012. In the IAR press release, Bob Floss, president of the Chicago Association of Realtors and broker-owner of Bob Floss and Son Realty, said, “A mild Chicago February continues to prove positive for the city’s housing market…. While sellers are motivated to close on their homes, they are also strategic in looking for ways to make opportune investments in the purchase of their next home, garnering them more value for their dollar.”
The following charts summarize sales and median price trends:
The University of Illinois Regional Economics Applications Laboratory estimates sales levels in the Chicago area* will be comparable to last year in March and April, but -8% to -5% lower in May; year-over-year median prices are expected to decline by 7%-9% over the next three months. Other notes from the forecast report include:
- In February, at the current annual sales rate, the Chicago area had enough housing inventory for 9.2 months (down from 11.7 months last year this time).
- Average time on the market in the Chicago area was 150 days for homes sold for <$100,000, compared to 210 days for homes sold for >$700,000.
- The pending home sales index (based on signed contracts) has improved in the Chicago area, from 105 at the end of last year to 142 in February.