Yearly Home Sales Unchanged in Illinois, Home Prices Tumble

January 25, 2012 (Shirley Allen)

Monthly sales of existing homes and condominiums in Illinois surged in December, but the total number of homes sold in 2011
remained virtually unchanged from the previous year, while home prices continued to tumble according to the latest data from the Illinois Association of REALTORS® (IAR).

An estimated total of 8,828 existing homes and condos were sold in the Land of Lincoln in December. That was 11.0 percent higher than the 7,954 homes sold in November and 14.0 percent higher than the 7,746 homes sold in December 2010.

The median sales price for an existing home in Illinois declined 2.3 percent to $125,500 in December from $128,500 in November and was 10.4 percent lower than the median price of $140,000 in December of 2010.

Total home sales in 2011 were down just slightly from 2010, falling from 103,899 homes sold in 2010 to 103,785 in 2011 with the statewide median price dropping from $151,500 in 2010 to $137,500 in 2011.

Loretta Alonzo, President of the Illinois Association of REALTORS®, stated, “While median home prices continue to be a concern in much of the state, the continued trend of month-over-month increases in the number of home sales is encouraging news. Buyers are finding deals that are simply too good to pass up, and that coupled with stronger consumer optimism is making this an excellent way to start 2012.”

Fifty-two of the 100 counties that reported data posted higher home sales than a year ago, the same number of counties as last month, while 43 of the counties posted an increase in their annual median sales price, up from 41 last month.

Year-over-year home prices were up 12.2 percent in Champaign, 3.7 percent in Grundy, up 10.5 percent in Kankakee, up 0.9 percent in Peoria, 5.5 percent in Saint Clair, up 1.2 percent in Sangamon, 8.5 percent in Woodford Counties

In the nine-county Chicago Metropolitan Statistical Area (MSA), sales of existing homes and condos totaled 6,090 in December, up 11.7 percent from 5,453 homes sold in November and up 17.0 percent from 5,204 homes sold in December of 2010.

The median sales price for a home in the Chicago MSA was $145,000 in December, down 3.3 percent from a median price of $150,000 in November and down 13.6 percent compared to December of last year when the median sales price was $167,850.

Tags: existing homes, condos, sales, median home prices, Illinois

Source:
Illinois Association of REALTORS®