November generated the same robust home sales activity with higher prices that characterized the metro Chicago real estate market in October with large gains in McHenry County, according to RE/MAX.
November sales of attached and detached homes in the seven-county area totaled 7,500 units, which is 37 percent more than in November 2011, based on an analysis of transaction data compiled by Midwest Real Estate Data, LLC (MRED), the regional multiple listing service.
Sales activity was up uniformly across all seven counties when compared to year-earlier results. The largest gain was in McHenry County, where 369 sales were closed and a 53 percent increase experienced.
Results for other counties were as follows:
- DuPage County 897 units up 51 percent
- Cook County 4,191 units up 32 percent
- Kane County 523 units up 35 percent
- Kendall County 175 units up 37 percent
- Lake County 707 units up 38 percent
- Will County 638 units up 40 percent
The median sales price was $155,000, up 3.3 percent from the $150,000 median price recorded 12 months earlier. Average market time, which is the average number of days a home sold in November was on the market before a sales contract was signed, fell from 170 days in November 2011 to 136 days in November 2012.
“Stronger home sales, higher home prices and the accelerated disposition of foreclosed homes support consumer confidence and the belief that the economy has turned the corner,” said Laura Ortoleva, media spokesperson for the RE/MAX Northern Illinois real estate network.