More good news on housing in March
By Cindy Wojdyla Cain email@example.com April 22, 2013 9:50PM
Updated: May 24, 2013 6:17AM
While March home sales in Will County were down slightly compared with a year ago, the median home price jumped 13 percent, according to the Illinois Association of Realtors.
March sales totaled 579, down 4.8 percent from March 2012. The median sales price rose from $150,450 a year ago to $170,000 last month, the association reported on Monday. The median price is the midpoint, with an equal number of homes having a higher or lower sales price.
The inventory of homes in Will County in March dropped 36.8 percent from a year ago, and the average time that a home spent on the market until it sold fell 16 percent from 107 days to 90.
Sales were up 50.4 percent in Kendall County (188 compared with 125), and the median sales price rose 21.7 percent from $127,300 to $154,950. The inventory of homes fell 48 percent and the days on the market fell 24 percent from 109 to 83.
In Grundy County, home sales were up 9.1 percent from 44 a year ago to 48 last month. The median price stayed at $132,500, while the inventory of homes fell 16.5 percent. Days on the market fell from 131 to 101, a drop of 23 percent.
Statewide, home sales increased 13.6 percent over March 2012, according to the association report. Illinois home sales have posted monthly year-over-year gains since July 2011. The median sales price in Illinois increased 3.6 percent from $130,250 to $135,000.
“We are entering what is traditionally the busiest period of the year in the real estate market,” association President Michael Oldenettel said in a news release. “The decreasing time it takes to sell a home coupled with shrinking inventories shows there is keen interest on the part of homebuyers who are rushing to lock in favorable interest rates and take advantage of low but increasing prices.”
Low home inventories indicate that demand is picking up, said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois.
“However, foreclosed properties are accounting for a sizeable portion of these sales,” Hewings said. “The good news is that foreclosed sales are outpacing new additions to the foreclosure inventory but at a cost of dampening median price increases.”
All of the statistics taken together show it’s a good time for sellers, said Zeke Morris, president of the Chicago Association of Realtors.