May Home Sales Up 6.0 Percent in Illinois; Single-Family Median Price at $198,000
SPRINGFIELD, Ill., June 23 -- REALTORS(r) report a busy May as home sales heat up and condo sales fuel the market. According to the Illinois Association of REALTORS(r) latest report, total home sales-including single-family homes and condominiums-rose 6.0 percent to 17,656 sales in 2005 from 16,654 sales in May 2004. Year-to-date, total home sales are up 3.8 percent, from 64,297 homes sold in the first five months of 2004 to 66,750 sales for the same period in 2005.
“Illinois’ spring market was a bit late out of the gate but certainly picked up in May and continues to build steam, owing a lot to the still-low long-term and short-term mortgage interest rates,” said John Veneris, CRB, CRS, president of the Illinois Association of REALTORS(r). “Economists for the National Association of REALTORS(r) have revised earlier estimates and predict this year to top last year’s record housing activity. The data from Illinois REALTORS(r) indicates that trend here as well, driven largely by the hot condo market.”
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 5.83 percent, down 0.16 points from the 5.99 average rate during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in May it averaged 6.34 percent.
Single-family home sales were up 1.2 percent in May 2005 to 11,995 from 11,855 in May 2004. The median single-family home price in May was $198,000, up 9.4 percent from $181,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. The single-family average home price for May 2005 was $246,808, a 6.4 percent increase from $231,861 in 2004.
Statewide, a total of 5,661 condominium sales were reported in May 2005, up 18 percent from 4,799 sales in the same month last year. The condo median price for May was $205,000, up 7.9 percent from $190,000 one year ago.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 7,481, up 0.4 percent from 7,453 home sales in May 2004. The median single-family home price for the Chicagoland PMSA was $260,000, up 8.8 percent from $239,000 in May 2004.
Condominium sales in the Chicagoland PMSA rose 17.7 percent in May 2005 to 5,445 units sold, while the condo median sales price increased 6.8 percent to $208,163. In May 2004 condo sales for the Chicagoland PMSA totaled 4,627; the median price was $195,000.
“Illinois REALTORS(r) report continued interest from move-up buyers, but condo buyers are coming from all corners, especially empty-nesters, second home and investors,” said Veneris, broker- owner of Realty Executives Pro/Team of Downers Grove and Realty Executives REALTORS(r) in Naperville. “Cook County and all those surrounding it show double-digit growth in condo sales in May compared to last year at this time.”
Sales and price information is generated from a survey of Multiple Listing Service sales reported by 36 participating Illinois REALTOR(r) local boards and associations. The Chicagoland PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
The Illinois Association of REALTORS(r) is a voluntary trade association whose 54,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS(r) works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.
Additional statistical information can be found on the Illinois Association of REALTORS(r) Web site at http://www.illinoisrealtor.org .
Starting in February 2005, IAR is using a new system of market statistics reporting based on county totals for all homes (single-family and condominiums) as well as figures broken down by single-family home (existing and new) and condo sales, median and average prices. Monthly, IAR will report figures for the state as a whole and for the Chicagoland PMSA (Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties). Quarterly, IAR will provide a breakdown of sales totals and median prices by county.
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