Lithuanian Arabic Spanish Polish Russian Chinese Simplified Japanese German French Italian Norwegian English

DSR Realty

Blog

Illinois home prices increase in February; sales lower amid tight inventory

temp-post-image

Statewide home sales (including single-family homes and condominiums) in February 2017 totaled 8,461 homes sold, down 2.8 percent from 8,704 in February 2016.

The statewide median price in February was $170,000, up 6.3 percent from February 2016, when the median price was $160,000. The median is a typical market price where half the homes sold for more and half sold for less.

“Inventories plummeted in February, no doubt frustrating some potential buyers but creating opportunities for the sellers who did have properties on the market,” said Illinois REALTORS® President Doug Carpenter, ABR, AHWD, GRI, SFR of Mokena, managing broker of Coldwell Banker Honig-Bell in Orland Hills. “As we move into the spring, more properties should come on the market, but it will take some time for supply and demand to find equilibrium.”

The time it took to sell a home in February averaged 74 days, down from 81 days a year ago. Available housing inventory totaled 51,227 homes for sale, a 14.9 percent decline from February 2016 when there were 60,168 homes on the market.

The monthly average commitment rate for a 30-year, fixed-rate mortgage was 4.17 percent in February 2017, an increase from 4.15 percent the previous month, according to the Federal Home Loan Mortgage Corp. In February 2016 it averaged 3.66 percent.

Statewide home sales (including single-family homes and condominiums) in February 2017 totaled 8,461 homes sold, down 2.8 percent from 8,704 in February 2016.

The statewide median price in February was $170,000, up 6.3 percent from February 2016, when the median price was $160,000. The median is a typical market price where half the homes sold for more and half sold for less.

“Inventories plummeted in February, no doubt frustrating some potential buyers but creating opportunities for the sellers who did have properties on the market,” said Illinois REALTORS® President Doug Carpenter, ABR, AHWD, GRI, SFR of Mokena, managing broker of Coldwell Banker Honig-Bell in Orland Hills. “As we move into the spring, more properties should come on the market, but it will take some time for supply and demand to find equilibrium.”

The time it took to sell a home in February averaged 74 days, down from 81 days a year ago. Available housing inventory totaled 51,227 homes for sale, a 14.9 percent decline from February 2016 when there were 60,168 homes on the market.

The monthly average commitment rate for a 30-year, fixed-rate mortgage was 4.17 percent in February 2017, an increase from 4.15 percent the previous month, according to the Federal Home Loan Mortgage Corp. In February 2016 it averaged 3.66 percent.

Sales and price information are generated by Multiple Listing Service closed sales reported by 28 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of March 13, 2017 for the period Feb. 1 through Feb. 28, 2017. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

(Note: Due to technical difficulties the housing reports were compiled on March 13 instead of March 7).

Illinois REALTORS® is a voluntary trade association whose more than 44,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

Find Illinois housing stats, data and the University of Illinois REAL forecast at www.illinoisrealtors.org/marketstats.

REACH OUT