Will County home prices up, but March sales fall

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Updated: August 4, 2011 4:20PM

There is a glimmer of good news for Will County in recent home sales data released by the Illinois Association of Realtors.

The March median home price in Will County increased 6.3 percent from a year ago, going from $170,000 to $189,076.

Home sales, however were down for the month. March home sales totaled 399, down 23.4 percent from a year ago.

In Kendall County, March home sales totaled 133, up 14.7 percent from a year ago. The median home value fell 6 percent from $165,000 to $155,025.

And in Grundy County, home sales totaled 33, down 10.8 percent from a year ago. The median home price fell from $155,000 to $109,000 a drop of 29.7 percent.

Statewide, home sales rose for the second consecutive month in March showing some momentum heading into the spring market, while sales remain lower than last year’s heightened totals from the tax credit, according to the association.

March home sales in Illinois totaled 7,833, up 40 percent from 5,596 sales in February 2011 and down 17.9 percent from March 2010 sales of 9,538 homes.

The median price in March was $130,000, up 1.6 percent from $128,000 in February 2011 and down 12.2 percent from last year. The median is a typical market price — half the homes sold for more, half sold for less.

“The Illinois housing market is seasonal, and we typically get a big boost in sales from February to March so it’s a positive sign to see this pace remain true as the market works to return to normal after the post-boom downturn and last year’s homebuyer tax credit effect,” said Sheryl Grider Whitehurst, president of the Illinois Association of Realtors.

“It’s worth repeating that market conditions today are optimal for buyers. Interest rates remain below five percent and home prices are lower making affordability at an all-time high for investors and buyers with strong credit and the financial wherewithal,” Whitehurst added. “Sellers have an opportunity now to use the spring market when buyer interest is higher and the weather more cooperative to set the right price to sell.”

The housing sales volume is expected to increase for the next three months with a monthly growth in the 10 percent to 15 percent range for Illinois and 7 percent to 23 percent range for the Chicago region, said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois.