Illinois Housing Statistics

May Illinois Home Sales Second Highest on Record for May; Statewide Median Price at $206,000...Illinois Home Sales Solid in the First Quarter; Statewide Median Price at $197,381

Statewide total home sales came in ahead of last year’s record pace in the first quarter and the median home price increased 5.6 percent to $197,381. Total home sales, which include single-family homes and condominiums, were up 2.1 percent in Illinois during January through March. A total of 34,030 single-family homes and condominiums were sold across the state in the first quarter, compared to 33,318 sales in the same period in 2005.

“The unusually mild winter months helped boost home sales in the first part of the year while REALTORS expect a more moderate pace later in the year as mortgage rates slowly rise,” said Stan Sieron, CRS, GRI, president of the Illinois Association of REALTORS. “Following four consecutive record-breaking years for housing in Illinois, the fundamentals for a solid 2006 are in place. Inventory levels are up, mortgage rates are still historically low; and first-quarter indicators show continued economic growth in our region.”
First Quarter 2006 release
First Quarter 2006 charts (pdf file)





Quarterly and Year-End Charts and Releases 1Q06 Chart 1Q06 Release 2005 Chart
Monthly Releases
May 06 April 06 March 06 February 06 January 06
● Monthly Stats At A Glance
Resources
Local Association Contacts / Counties Served (pdf)
Stats Release Schedule
Interest Rates
Illinois Homebuyer / Homeseller Profile
NAR market-by-market anti-bubble reports on REALTOR.org
NOTE: Starting with January 2005, single-family and condo sales and median price figures are reported by county. Prior to 2005, single-family home and condo sales and media price figures were reported by local association.


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Luxury Home Index

- Courtesy of the Wall Street Journal Online

Price Your Home RightTo Help Speed a Sale

By Marshall Loeb From Marketwatch

With home sales slumping and inventories on the rise, experts say getting your home sold depends a lot on pricing it correctly. One tool sellers can fall back on when the market is shifting is a home appraisal.

You can have an appraisal done before you contact a broker or if you're just curious what your home would be worth. They cost, on average, from $250 to $400 for a single-family home, slightly more for multiple-family dwellings.

An appraiser will physically inspect your house for shoddy workmanship or needed repairs, measure its dimensions and takes notes on the floor plan, utilities and other factors that affect pricing.

He or she should also look at three or four "comps" -- comparable homes in your neighborhood that have sold within the past six months -- and analyze how homes currently on the market are faring, says William J. Doka, owner and president of Erickson Appraisal Company in Fair Lawn, NJ.

That's a more comprehensive assessment of market conditions than the free comparative market analysis, or CMA, that a broker will give you, says Doka.

He cautions that brokers want to earn your listing and can be tempted to paint an overly rosy picture of how your home will sell while appraisers, although sometimes subject to similar pressure from mortgage brokers, strive to be objective.

The results of the appraisal will be presented to you in a report that can run from five pages, for a simple summary that suits most lenders and homeowners, to 50 pages or more for a "narrative" that banks might demand before financing the purchase of a multimillion-dollar home.

Homes are typically listed for sale at a price several percent above the appraised value.
Predictably, most of Doka's business comes from lenders, who typically require an outside appraisal before making a loan. But homeowners are also hiring him before contacting a broker. He charges from $350 to $400 to appraise a single-family home.

Some things to remember when looking for an appraiser:

Make sure the appraiser is licensed by your state.

Ask how long the business has been around, what professional education the appraiser has had and what organizations -- like the Appraisal Institute or the American Society of Appraisers -- the appraiser belongs to.

Copyright © 2005 Dow Jones & Company, Inc.