Chicago Home Sales Up in November
Sales of homes in the city of Chicago climbed more than 20 percent in November from the same month a year ago. The rest of the state also saw more residential real estate sales last month, as compared to in 2011. Factors such as record low interest rates and affordable homeownership have motivated more buyers to purchase property as the year comes to a close.
According to new reports from the Illinois Association of Realtors, around 8,000 homes were sold in the state this November. That is an increase of 14 percent from November 2010. Roughly 1,375 of those properties were located within the city limits of Chicago, bringing sales up 20.4 percent for the month. It’s a marked improvement for the Chicago real estate market, which continues to grapple with a large inventory of distressed and bank-owned homes.
Last year in November, the nine-county Chicago Primary Metropolitan Statistical Area had about 4,500 home sales. Closed transactions numbered over 5,450 this November, which makes for a year-over-year gain of 20.7 percent. The statewide trend was helpful to move unsold supply off the market, however, home values are still waiting for a rebound. Median home price in November dipped 11 percent in Illinois from the same month a year earlier. Price was off 12.3 percent in the city of Chicago, going from $182,500 in November 2010 to $160,000 in November 2011.
Housing inventory levels in Illinois and Chicago are said to be the lowest since the beginning of last year (January 2010). Industry professionals say buyers and investors are chipping away at distressed properties, resulting in a 10-month supply of homes in the local market. The number of pending home sales in the area is also a promising sign that 2012 will be a better year for real estate than 2011.
As we head into a new year, home buyers in Chicago can find deals in almost every neighborhood of the city. The mere existence of bank-owned properties has pushed prices down on conventionally-sold listings as well, so house hunters are in a good position to negotiate. Talk with an experienced Chicago real estate agent to plan a strategy for your 2012 home purchase.