I almost forgot about the January home sales. Everyone knows it was a hot, hot, hot start to the year in Chicago.
From the Illinois Association of Realtors:
The city of Chicago saw a 32.2 percent year-over-year home sales increase in January 2013 with 1,485 sales, up from 1,123 in January 2012.
The condo market in the city of Chicago showed a sales increase of 29.7 percent to 829 units sold in January 2013.
The median price of a home in the city of Chicago in January 2013 was $159,000 up 7.4 percent compared to January 2012 when it was $148,000.
Here’s the data since 2006 (thanks to G):
- January 2006: 2009 sales and median price of $258,000
- January 2007: 1850 sales and median price of $279,900
- January 2008: 1203 sales and median price of $290,000
- January 2009: 918 sales and median price of $205,000
- January 2010: 1237 sales and median price of $195,000
- January 2011: 1034 sales and median price of $150,000
- January 2012: 1093 sales and median price of $149,000 (not sure why IAR has 1123 sales for last year)
- January 2013: 1485 sales and median price of $159,000
The percentage of total January Chicago sales that were REO/Short Sales:
- 2009: 25%
- 2010: 42%
- 2011: 50%
- 2012: 49%
Chicago condo/townhouse sales:
- January 2009: 474 sales and median price of $308,625
- January 2010: 675 sales and median price of $279,000
- January 2011: 585 sales and median price of $180,000
- January 2012: 623 sales and median price of $185,000
- January 2013: 829 sales and median price of $202,500
“The first month of 2013 continues to show positive signs of a market recovery in the city of Chicago,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “The median price of a condo rose to $202,500, up 8.7 percent from January of last year. The condo market’s slow revival shows a steady but measured improvement that we will continue to watch as an indicator for the greater health of the city’s housing marketplace in 2013.”
“Foreclosures continue to dampen price gains and reduce inventory levels as prospective sellers are wary of the effect these properties have on their own prospects,” said Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois. “However, the sales volumes are impressive and with foreclosure sales continuing to outpace new additions, there is some expectation that over the next year, prices might start to move upward in some sustained fashion.”
What are the issues that could derail this housing recovery this year?
Will rising mortgage rates (if they rise) or continued frustration over low inventory do it?
Home sales, median prices increase in January; housing gains extend into new year [Illinois Association of Realtors, Press Release, February 21, 2013]