The local housing market continued to pick up steam with home prices and total sales increasing last month throughout the state.
Homes sales in the City of Chicago climbed 10.2 percent to 1,378 in February, from 1,250 in the same period in 2012.
Year-over-year sales of city condos also posted strong gains, jumping 10.2 percent to 779 in February, according to a recent report from the Illinois Assn. of Realtors.
Observers were expecting good news to come out of the report. After all, many residential agents have said well-priced listings in desirable neighborhoods are being snapped up quickly, often drawing interest from multiple buyers.
That pent up demand coupled with lower inventory is pushing prices higher.
The median price of a city home spiked 12.9 percent to $158,000 last month, from $140,000 in February 2012. Median condo prices in the city jumped 21.2 percent to $200,000, according to the association.
“Sales continue to experience year-over-year gains and the number of foreclosed property sales continues to exceed new additions to this part of the inventory,” Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois, said in a statement.
In the nine-county Chicago Area, home sales increased 20.2 percent to 5,935 last month, from 4,936 in February 2012, according to the association.
The median price edged up by 3.7 percent to $140,000.
Statewide the median price climbed for the sixth consecutive month to finish at $125,000. Year-over-year sales increased 16.2 percent to 8,213, from 7,067 in February 2012, according to the association.
“The February sales numbers show that we have a good rolling start into a portion of the year where traditionally we see more people list homes,” Michael D. Oldenettel, the association’s president said in a statement.