Price Gains Continue Even as Wintry Weather, Shrinking Inventory Slowed January Home Sales in Metro Chicago Real Estate Market, RE/MAX Reports
Chicago, IL, February 15, 2014 --(PR.com
)-- Home prices in the seven-county metropolitan Chicago real estate market continued demonstrating upward momentum even as January’s challenging weather and a further tightening in the supply of homes for sale helped slow the pace of sales, according to an analysis by RE/MAX. Compared to the results for January 2013, the median sales price of all attached and detached homes rose 18 percent last month to $165,000, while the number of homes changing hands dipped 8 percent to 5,709 units.
The average number of days those homes sold in January spent on the market before going under contract was 107, or 35 days less than a year earlier. Meanwhile, the inventory of homes listed for sale continued to tighten, falling to 28,774 at the end of January. That is down 1 percent from the prior month and 16 percent from January 2013. The RE/MAX analysis is based on home-sale data gathered by MRED LLC, the regional multiple listing service.
Sales of distressed properties, a category that includes foreclosures and short sales, accounted for 42 percent of January sales this year compared to 49 percent last year. Distressed sales tend to peak as a percentage of total sales during the winter months. Foreclosed properties alone accounted for 31 percent of all January home sales. The median sales price for a foreclosure was $87,000, 15 percent more than a year ago.
Among the seven metro counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will, six saw the median home sales price rise in January.
The median price rose 20 percent in Cook and Kane, 17 percent in DuPage, 16 percent in Lake, 14 percent in McHenry and 11 percent in Kendall. In Will County the median price decreased less than 1 percent. The City of Chicago registered a 28 percent increase in its median sales price.
Transaction activity, on the other hand, fell in six of the metro counties and in Chicago. Lake County was the exception, with 574 completed sales yielding an increase of 3 percent when compared to January of last year.
The other January results were as follows: Cook, 3,265 units, down 10 percent; DuPage, 624 units, down 12 percent; Kane 402 units, down 7 percent; Kendall 103 units, down 33 percent; McHenry, 265 units, down 8 percent; Will, 473 units, down 2 percent, and Chicago, 1,385 units, down 9 percent.