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McHenry County home sales up 28 percent

(H. Rick Bamman - hbamman@shawmedia.com)
Carpenter Brian Gordon of Burlington, Wis., attaches exterior trim while working on a house recently on Caldwell Drive in the Coventry Lakes subdivision in Lake in the Hills.

McHenry County home sales started 2013 up 28.2 percent compared to January 2012.

The median sales price for all properties in McHenry County dropped 5.8 percent, from $134,840 to $127,000, while the inventory of homes for sale fell 29.5 percent, from 2,844 to 2,006.

According to the Illinois Association of Realtors, the days on market until sale also fell, from 112 to 105 days.

Closed sales in McHenry County (including single-family homes and condominiums) totaled 282 in January, compared to 220 homes sold in January 2012.

The median sales price for single-family homes in McHenry County was $152,500, and $90,000 for condos.

The median price for all properties in Kane County was $129,950 in January, up 5.7 percent from $123,000 in January 2012. Year-over-year closed sales in Kane were up 33.1 percent, from 323 to 430.

The median price for all properties in Lake County was $139,580, down 3.7 percent from 2012. Closed sales were up 29.9 percent, from 425 to 552.

Statewide, home sales increased 31.1 percent over previous-year levels in January and median prices increased 1.2 percent, according to the Illinois Association of Realtors.

Home sales (including single-family homes and condominiums) in January 2013 totaled 8,502 homes sold, up from 6,484 in January 2012.

The statewide median price in January was $125,000, up 1.2 percent from January 2012 when the median price was $123,500. The median is a typical market price where half the homes sold for more and half sold for less.

"The steady improvement we saw through much of 2012 seems to be continuing in 2013," said Michael D. Oldenettel, president of the Illinois Association of Realtors and managing broker/owner with Re/Max Results Plus in Jacksonville. "All the numbers we track show that Illinois appears to be on the way to a real and sustained housing recovery."

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.40 percent in January 2013, up from 3.32 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last January it averaged 3.92 percent.

In the nine-county Chicago Primary Metropolitan Statistical Area, home sales (single-family and condominiums) in January 2013 totaled 6,244 homes sold, up 36.8 percent from January 2012 sales of 4,564 homes.

The median price in January 2013 was $141,000 in the Chicago PMSA, up 0.7 percent from $140,000 in January 2012.

"Foreclosures continue to dampen price gains and reduce inventory levels as prospective sellers are wary of the effect these properties have on their own prospects," said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. "However, the sales volumes are impressive and with foreclosure sales continuing to outpace new additions, there is some expectation that over the next year, prices might start to move upward in some sustained fashion."

Fifty-nine of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in January 2013. Fifty counties showed year-over-year median price increases including Cook, up 3.1 percent to $135,000.

The city of Chicago saw a 32.2 percent year-over-year home sales increase in January 2013 with 1,485 sales, up from 1,123 in January 2012.

The condo market in the city of Chicago showed a sales increase of 29.7 percent to 829 units sold in January 2013.

The median price of a home in the city of Chicago in January 2013 was $159,000 up 7.4 percent compared to January 2012 when it was $148,000.

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