April Illinois’ Market Report – Prices Increase as Inventory Tightens
Homes sold faster and prices rose, but home sales slowed in April with seasonally low inventory levels.
Statewide home sales (including single-family homes and condominiums) in April 2017 totaled 13,958 homes sold, down 3.4 percent from 14,453 in April 2016. The statewide median price in April was $200,000, up 7.5 percent from April 2016, when the median price was $186,000. The median is a typical market price where half the homes sold for more and half sold for less.
The time it took to sell a home in April averaged 61 days, down from 68 days a year ago. Available housing inventory totaled 54,666 homes for sale, a 15.3 percent decline from April 2016 when there were 64,554 homes on the market.
According to the data, thirty-four (34) Illinois counties reported sales gains for April 2017 over previous-year numbers, including Madison County, up 11.0 percent with 353 units sold; Rock Island County, up 1.3 percent with 153 units sold; and Kane County, up 0.2 percent with 662 units sold. Fifty-four (54) counties showed year-over-year median price increases including Will County, up 12.2 percent to $218,700; Winnebago County, up 8.5 percent to $108,450; and Cook County, up 5.5 percent to $253,000.
The city of Chicago saw a 4.4 percent year-over-year home sales decline in April 2017 with 2,586 sales, down from 2,706 in April 2016. The median price of a home in the city of Chicago in April 2017 was $297,150, up 3.9 percent compared to April 2016 when it was $286,000.
Sales and price information are generated by Multiple Listing Service closed sales reported by 28 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of May 7, 2017 for the period April 1 through April 30, 2017. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
About Gerardo Zavala:
Gerardo Zavala is a full-time REALTOR® at Realty of Chicago, a full-service real estate agency founded by Eduardo “Eddie” Garcia in 2005. Both Gerardo and the agency specialize in marketing residential, commercial, and investment properties through its vibrant social media and video channels. The company’s motto “#LoveWhatYouDo” is an empowerment to everyone that is living their dream just as ROC agents do.