This morning, the Illinois Association of Realtors (IAR) reported that home sales in the city of Chicago rose 53.1 percent over last year (2,009 sales in October 2012 compared to 1,312 in October 2011). The city of Chicago median home sale price also increased, 8.0 percent, over last year ($175,000 in October 2012 compared to $162,000 in October 2011). In the IAR press release, Zeke Morris, president of the Chicago Association of Realtors and operating principal and managing broker of Keller Williams Realty, CCG, said, “There’s a great deal of end-of-the-year excitement. Typically our numbers are down in the fourth quarter, but we’re starting strong this year.”
The following charts summarize sales and median price trends:
The University of Illinois Regional Economics Applications Laboratory estimates annual sales levels in the Chicago area^ will be 32.6-44.2% higher on average in the fourth quarter of 2012 compared to Q4 2011; median prices are expected to be 3.5% higher over the same period.
^Chicago PMSA:Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties
Source: Illinois Association of Realtors, University of Illinois Regional Economics Applications Laboratory