Metro Chicago Real Estate Market June Trends Included Higher Home Prices and Faster Sales Times, Reports RE/MAX

Chicago, IL, July 18, 2013 --( The trend toward higher home prices and shorter selling times that has been emerging in the seven-county metro Chicago real estate market over the last five months was even more apparent in June. The median price of a home sold in June was $209,000, which is 13 percent more than both the June median price last year and the May median price this year.

The average time needed for a home to go under contract after being listed (average market time) fell to 105 days from 149 days a year earlier. That is the lowest average market time for the Chicago metro area recorded in any month since the end of 2006.

Home sales activity also continued to increase when compared to 2012 levels. Combined sales of detached and attached homes in the metro area totaled 10,975 units, 19 percent more than last June. Based on the June sales pace, there is currently a 3.1 month supply of homes on the market. A year ago, there was a 5.4 month supply.

Meanwhile, sales of distressed properties (foreclosures and short sales) continued to diminish as a percentage of all home sales. They accounted for 28 percent of June sales, compared to 33 percent in June of last year.

The median home sales price climbed at least 6 percent in all seven metro counties relative to its level in June 2012. Kane County led the way with a median home price of $185,000, a gain of 18 percent. Results in the other counties were: Cook up 17 percent to $210,000; DuPage up 6 percent to $244,450; Kendall up 5 percent to $174,000; Lake up 10 percent to $231,050; McHenry up 16 percent to $163,000 and Will up 8 percent to $190,000. The median price in Chicago rose 17 percent to $250,000.

The number of homes sold also was up in all seven counties and in Chicago during June. The results were as follows: Cook saw sales rise 16 percent to 6,008 units; DuPage gained 24 percent to 1,498 units; Kane climbed 21 percent to 777 units; Kendall was up 29 percent to 213 units; Lake rose 18 percent to 1,070 units; McHenry increased 45 percent to 493 units; and Will added 20 percent to 913 units. Sales in Chicago were 14 percent higher at 2,689 units.

The average market time shortened in all seven counties, and did so dramatically in several instances. For example, it declined to 95 days in DuPage from 153 days last June and to 99 days in Kendall from 166 days a year earlier. The lowest average market time for June, just 85 days, was in Chicago.

Attached Homes

Sales of attached homes, primarily condominium apartments and townhouses, climbed 22 percent in June to 3,999 units when compared to the same month last year. The median price gained an impressive 15 percent to $164,500. Average market time shortened to 110 days compared to 163 days in June 2012.

When compared to the same month last year, June sales of attached homes increased in all seven counties and in Chicago as follows: Cook up 17 percent to 2,748 units; DuPage up 33 percent to 505 units; Kane up 27 percent to 151 units; Kendall up 11 percent to 49 units; Lake up 33 percent to 244 units; McHenry up 96 percent to 96 units; Will up 28 percent to 203 units, and Chicago up 16 percent to 1,702 units.

Detached Homes

June sales of detached homes turned in positive results across the board, with more transactions, higher median prices and shorter market times in all seven counties and in Chicago when compared to June of last year. For the metro area as a whole, detached sales rose 18 percent for the month to 6,976 units, up from 5,934 last year.

The median sales price climbed 12 percent to $230,000, while the average market time was down to 102 days from 141 days a year ago.

Sales activity rose most notably in McHenry County (up 36 percent to 397 units) and Kendall County (up 36 percent to 164 units). The gains recorded in the other counties were as follows: Cook climbed 14 percent to 3,260 units. DuPage County gained 20 percent to 993 units. Kane had a 20 percent increase to 626 units. Lake was up 14 percent to 826 units, and sales in Will rose 19 percent to 710 units. In Chicago, sales were 11 percent higher and totaled 987 units.
RE/MAX Northern Illinois
Laura Ortoleva