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Metro Chicago home prices continued to rise in November

by Joe Zekas on 12/17/13

Home values in the seven-county metro Chicago real estate market extended their upswing in November, according to an analysis by RE/MAX, based on sales data gathered by MRED LLC, the regional multiple listing service.

According to RE/MAX:

The median sales price of all attached and detached homes closed in November was $170,000, a 10 percent increase over the median price a year earlier. That compares to a gain of 15 percent in October and 16 percent in the July-September quarter.

The number of homes sold this November dipped 1 percent to 7,551 units from 7,606 units in November 2012. The average time a home sold in November spent on the market before going under contract was 97 days, or 39 days less than a year earlier.

“One likely reason for the reduced sales activity was a marked reduction in the inventory of homes listed for sale. The November inventory in the seven-county area was 19 percent below its level one year earlier,” said Laura Ortoleva, media spokesperson for RE/MAX in northern Illinois.

Sales of distressed properties, which include foreclosures and short sales, accounted for 35 percent of November sales this year compared to 43 percent last year. Foreclosures remained in demand, accounting for 24 percent of all home sales. The average market time for a foreclosure was 78 days, and the median sales price was up 6 percent from a year earlier to $84,000.

The November median sales price increased in all seven metro counties – Cook, DuPage, Kane, Kendall, Lake, McHenry and Will – as well as in Chicago.

Kane County reported gains in both closed sales and median price. The 556 units sold there represented a 6 percent increase in transactions from November 2012, and the median price of $160,250 was 17 percent higher.

Among the six other counties, only Will also registered November increases in both transactions and median price. Sales there totaled 656 units, a 2 percent increase, and the median sales price was $164,400, 4 percent higher than in the prior November.

For the five remaining counties, the gains in median sales price were: 13 percent in Cook to a median of $169,000; 10 percent in DuPage to $214,000; 6 percent in Kendall to $160,000; 6 percent in Lake to $167,500 and 15 percent in McHenry to $150,000.

Closed sales activity declined less than 1 percent in Cook to 4,247 units and fell 3 percent in DuPage to 876 units. Kendall had 147 closed sales, down 18 percent, while closed sales fell 1 percent in Lake to 707 units and 3 percent in McHenry to 362 units.

In Chicago, the median price was up 11 percent to $200,000, and closed sales increased 1 percent to 1,813 units.

Attached Homes

The attached segment saw the continuation of a strong increase in median sales price. The November median was up 17 percent from the same month in 2012. The comparable increase in October was 16 percent and 19 percent in the July-September quarter.

Slightly fewer attached homes changed hands in November than in the same month a year ago. There were 2,727 closed sales, a 1 percent decrease.

The county-by-county results for attached home sales, comparing November 2013 with November 2012, are as follows:

Cook – Closed sales were 6 percent lower at 1,817 units. The median sales price gained 25 percent to $166,000. In Chicago, 999 homes sold last month, a decline of 7 percent. The median price was $254,000, up 23 percent.

DuPage – Closed sales totaled 340 homes, a 9 percent increase. The median price was $130,000, up 20 percent.

Kane – Closed sales totaled 117 units, an 8 percent increase. The median price was $125,000, up 13 percent.

Kendall – Closed sales were down 6 percent to 47 units. The median sales price was $109,700, up 34 percent.

Lake – Closed sales totaled 171 units, a 21 percent increase. The median price was $125,000, up 17 percent.

McHenry – Closed sales fell 3 percent to 77 units. The median price was $110,000, up 22 percent.

Will – Closed sales were up 15 percent to 158 homes. The median price was $121,026, up 8 percent.

Detached Homes

Sales of detached homes in the seven-county area totaled 4,824 in November, less than 1 percent below the total for the same month in 2012. The median sales price climbed 9 percent to $186,750.

The county-by-county results for detached home sales, comparing November 2013 with November 2012, are as follows:

Cook – Closed sales increased 4 percent to 2,430 units sold. The median sales price gained 6 percent to $170,000. In Chicago, 814 homes sold last month, a 12 percent increase. The median price was $152,000, down 3 percent.

DuPage – Detached sales totaled 536 homes, a 9 percent decrease. The median price was $280,000, up 6 percent.

Kane – Closed sales totaled 439 units, a 5 percent increase. The median price was $180,000, up 13 percent.

Kendall – Closed sales fell 22 percent to 100 units. The median sales price was $190,000, up 9 percent.

Lake – Closed sales totaled 536 units, a 7 percent decrease. The median price was $188,000, up 5 percent.

McHenry – Closed sales fell 3 percent to 285 units. The median price was $175,000, up 17 percent.

Will – Closed sales were down 2 percent to 498 homes. The median price was $180,950, up 6 percent.

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