Home market times, prices up in Chicago

Everyone seems to be talking about a “soft” real estate market in general, but what does that mean right here right now? A quick survey shows that market times are up and sales volume is down in Chicago, but city prices are up too, at least according to one source.

City homes sat on the market for an average of 131 days during the first five months of the year, up 21 percent from an average of 108 days during the same period during 2006, according to Multiple Listing Service of Northern Illinois figures compiled for YoChicago by Property Consultants agent Patrick Hawkins.

The stats are for attached and detached homes sold between Jan 1 and May 29 of this year and during the same period a year earlier. The number of units sold dropped 14 percent — to 7,251 from 8,463 — but the median home price increased by 3.5 percent, to $295,000 from $284,900, according to Hawkins’ survey.

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