Chicago, IL, March 23, 2016 --(PR.com
)-- February home sales in the seven-county metro Chicago area reached their highest level since 2006 despite a shrinking supply of homes for sale, according to an analysis by RE/MAX. Home sales for the month totaled 6,027 units, 6 percent more than the same month last year.
Meanwhile, homes for sale at the end of February totaled 31,769, representing a five month supply, down from a six month supply a year earlier. The median sales price for homes sold in the metro area during February was $189,000, up 8 percent from February 2015. The average time a home sold in February spent on the market before finding a buyer was 113 days, down from 116 days a year earlier.
The RE/MAX analysis is based on home sales data collected by MRED, the regional multiple listing service, for the Illinois counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will.
Assessing the current metro Chicago housing market, Jack Kreider, executive vice president and regional director of the RE/MAX Northern Illinois real estate network, said, “the market has been moving ahead at a steady pace for some time now. The February year-over-year gains in sales activity and median price are almost identical to the increases recorded for all of 2015. However, there is certainly variation within the metro area.”
He noted, for example, that while three counties saw double-digit gains in median sales price last month, two other counties showed slight declines and another gained less than 1 percent.
“A big factor in that variation is the impact of inventory levels. Right now there is just a four month supply of attached units in the metro area, compared to a six month supply of detached homes,” said Kreider. “The relative shortage of attached homes is felt most strongly in Chicago, where attached units accounted for 56 percent of February sales.”
Sales of distressed homes, which include foreclosures and short sales, continued to decline as a percentage of the market, falling from 32 percent a year ago to 26 percent this February. There were 1,578 distressed sales in February, 22 percent fewer than a year earlier.
Home sales activity rose in all seven counties during February compared to the same month last year. Increases were topped by a 13 percent gain in Will County. Other increases were 12 percent in Kane, 11 percent in DuPage, 6 percent in Lake, 5 percent in Kendall, 4 percent in Cook and 2 percent in McHenry. Sales in Chicago rose 3 percent.
The median sales price increased in five counties, up 17 percent in McHenry, 12 percent in Cook, 11 percent in Will, 4 percent in Kane and 0.5 percent in Kendall. In Lake County, it fell 2 percent, and it was off 0.2 percent in DuPage County. Chicago had an 11 percent increase.
Sales of detached homes in the metro area rose 7 percent in February from their year-earlier level, totaling 3,862 units. The median sales price gained 10 percent to $204,950. Average market time fell five days to 120 days.
Detached sales increased in all seven counties, led by a 10 percent gain in Will County. Sales also rose 8 percent in Kendall, 7 percent in Kane, 6 percent in Cook and Lake and 5 percent in DuPage and McHenry. Chicago posted a 7 percent increase.
As for the median sales price, five counties registered gains, and in three instances those were in double digits – 15 percent in Cook, 14 percent in McHenry and 13 percent in Will. Chicago did even better, posting a 16 percent increase to $179,450. Other increases were 3 percent in DuPage and 7 percent in Kane. The median price slid 2 percent in Lake and 4 percent in Kendall.
Attached sales in the metro area climbed 7 percent in February to 2,165 units. The median sales price advanced 6 percent to $165,000. Average market time was 100 days, essentially unchanged.
County-by-county results were divergent. Sales rose 30 percent in Kane, 23 percent in Will and 21 percent in DuPage, but fell 7 percent in Kendall and 11 percent in McHenry. Cook gained 2 percent and Lake was up 5 percent. Sales in Chicago were unchanged.
The median sales price increased in six counties, led by a 13 percent gain in Will. Other increases were 12 percent in Kane and Kendall, 8 percent in Cook and McHenry and 1 percent in DuPage, while Chicago gained 9 percent. Lake County had a 5 percent decrease.
RE/MAX agents consistently rank among the most productive in the industry. In 2015, RE/MAX Northern Illinois agents averaged 18 transaction sides. RE/MAX has been the leader in the northern Illinois real estate market since 1989 and is continually growing. The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of more than 2,250 sales associates and 105 independently owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services. Its mobile real estate app, available for download at www.illinoisproperty.com, provides comprehensive information about residential and commercial property for sale in the region. The northern Illinois network is part of RE/MAX, a global real estate organization with 104,000+ sales associates in 90+ nations.