Illinois Home Sales Rise Again in March; Statewide Median Price at $198,000
March home sales in Illinois rose for the second consecutive month in 2007 while a mix of factors including weather and consumer confidence add up to a drop in sales compared to the record for March set in 2006. Total home sales were up 36.2 percent in March 2007 to 11,979 homes sold compared to 8,792 homes sold in February 2007. Sales were 20.3 percent below the all-time high for March of 15,024 homes sold in March 2006.
The Illinois median home price in March was $198,000, up 0.1 percent from $197,900 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. Year-to-date, home sales were down 14.2 percent to 29,390 compared to 34,235 homes sold January through March in 2006.
“In March we experienced the usual jump into the spring season with sales up well over February but we’re definitely in a market that is still finding its legs. The severe weather in February and March certainly took a toll on housing activity in Illinois,” said Robert Zoretich, president of the Illinois Association of REALTORS. “Tentative buyers and sellers are still trying to read the market and are taking their time in deciding whether to list or buy. This is a time when market conditions including favorable mortgage interest rates and inventory levels bode well for those who are ready to purchase.” Read the full release.
Illinois Condo Sales Close Second Best Year on Record in 2006; Fourth Quarter Statewide Median Price at $199,900
Condominium sales help bolster an Illinois housing market in transition throughout 2006, while fourth-quarter sales figures were down compared to the same period a year ago. According to the Illinois Association of REALTORS (IAR) fourth quarter report, total home sales (which include single-family homes and condominiums) totaled 35,186, down 16.0 percent from 41,883 home sales in the fourth quarter of 2005. For the year, total sales were down 8.9 percent in 2006 with 167,860 homes sold compared to 184,199 sales in 2005. The fourth quarter 2006 median home sale price was $199,900, down a slight 0.5 percent from $201,000 a year earlier.
“The Illinois housing market reported a modest slowdown in sales compared to other regions of the country which had sharper declines due to overheated market conditions. Although local markets will vary, REALTORS are reporting signs of the market picking up and are looking for slow, steady gains in both home sales and price appreciation in 2007,” said IAR President Robert Zoretich. “The homeownership rate in Illinois reached 70.8 percent in the fourth quarter of 2006 and is slightly ahead of the national rate of 68.9 percent. Conditions in Illinois are promising for long-term demand going forward.”
Link to the 4Q06 release and year-end charts.
4Q06 All Sales Report
4Q06 Single-Family Report
4Q06 Condo Report
© Illinois Association of REALTORS®
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