At Sergio and Banks Real Estate we keep a close watch on how the Chicago real estate market is doing on a day by day basis, so we can be informed and make sure we pass along any news to you. We are excited to report a rising trend in Chicago home sales! According to a report released today by the Illinois Association of REALTORS®, August home sales in Illinois have increased 23.7 percent since last year.
This is great news as it means that in August 2012 13,264 Chicago homes were sold versus the 10,721 homes sold in August 2011. Their report also showed that the median home price for August 2012 was $24,650 more than was recorded in January 2012, which indicates that home prices are starting to increase, as well.
9,240 homes of the homes sold in August were considered to be in the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), according to the Illinois Association of REALTORS®, showing Chicago home sales to be up by 28.5 percent from a year ago, with an increased median sales price of $30,000 more for Chicago homes than was reported last January! Downtown Chicago demonstrated a 23.6 percent increase in home sales and condo sales had a 35.9 percent increase in the last year!
Loretta Alonzo, president of the Illinois Association of REALTORS®, believes these sales may be resulting from recent historically low interest rates. “We continue to see strong sales despite uncertainty about the economy,” she said. “The data speak to pricing levels that continue to bring in homebuyers who are eager to take advantage of interest rates that haven’t budged much from already historically low levels.”
According to the September 13th Primary Mortgage Market Survey® conducted by Freddie Mac, the average rate for a 30-year, fixed-rate mortgage is currently 3.55 percent with .6 fees/points and the 15-year, fixed rate mortgage is averaging at 2.85 percent with .6 fees/points. Those low rates could very well explain why home buyers are showing more interest in our local Chicago housing market.
“Continued signs of a turn-around are a reality in Chicago, as homes are selling and prices are stabilizing,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS®.
All figures and facts contained above were generated by Multiple Listing Service closed sales reported by 31 participating Illinois REALTOR® local boards and associations. Read the full article by clicking here for more details. To get information on homes in your neighborhood, give us a call or get our free Chicago Market Statistic Report today.
