Chicago Home Sales on the Rise For Fourth Straight Month

According to the Illinois Association of Realtors (IAR), Chicagoland home sales have been continuing to rise with numbers reporting positively for the fourth consecutive month.  According to the same report, sales last month were up a whole 7 percent from the previous year’s sales in May 2014.  The IAR report for May was a smaller increase in sales from the April increase over last year by 9.2 percent and March’s big 13.5 percent over March 2014. 

Statewide sales are also up as a whole with 14,980 homes sold, including single-family homes and condominiums.  This number represents a 5.6 percent increase in sales over May 2014’s number of 14,187 homes sold in the state of Illinois.   The median price for a home is about $182,000, which is higher than last year’s average of $167,000 by 8.7 percent.  The Chicagoland district used in attaining these numbers are the following counties: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will. 

In total, Chicagoland sales ended up around 10,684 for May, larger than the reported 9,982 total in sales in May 2014. Chicagoland sales as a whole are on the rise, but specifically in the city of Chicago sales are also moving on up.  The Windy City posted a 10 percent increase in sales from May of last year pulling in a total of 2,700 sales this year compared to May 2014’s 2,453 sales.  With every action is a reaction and a cause and effect to business, so why the sale increase? Why now? Employment growth is on the rise slightly and with that comes the increase in home value and those who are willing to commit to a home mortgage and afford the pricing.  According to the data provided by the IAR, there has never been a better time for sellers to enter the market.  With the association reporting numbers that show that the price and value of homes up, showing a profit for the seller, they’ve also reported the time for a home to sell is at a low.  With the time it took to sell house being at an average of 72 days statewide, this study is down 3 days from last May’s number of 75 days. 

On the flip side, this means that it’s also the right time for buyers to buy, or those who wait may miss out on a good deal due to the fast move of homes on the market or the risk of a price increase.  The city of Chicago has seen a higher demand for properties since February, and the chances of slowing down anytime soon don’t seem likely. 

The IAR uses data and information taken from the Multiple Listing Service that shows closed sales as reported by 30 Illinois Realtor local boards.