Home sales and prices were higher in February in the seven-county metropolitan Chicago real estate market, according to an analysis by Re/Max. The number of homes changing hands increased 21 percent and the median price of a home sold last month climbed 4 percent when compared to February of last year.
In its analysis of home sales reported by Midwest Real Estate Data LLC, the regional multiple listing service, Re/Max found that February home sales totaled 5,843 units, up from 4,840 a year ago, while the median price advanced to $141,000 after coming in at $135,900 during the prior February. The average market time, which is the time that a home sold in February spent on the market before a sales contract was signed, fell from 175 days in February 2012 to 143 days this year.
Sales activity rose in each of the seven counties in the metro area during January. Lake and McHenry counties led the way, each with a 37 percent increase. The other gains were 34 percent in Kendall County, 25 percent in Kane County, 24 percent in DuPage County, 17 percent in Cook County and 8 percent in Will County. For the city of Chicago, sales were up 10 percent.
The median sales price rose in six of the seven counties and in Chicago. Lake and McHenry each had a 7 percent gain, while the median price climbed 6 percent in DuPage, 5 percent in Cook, 3 percent in Will and 2 percent in Kane.
All seven metro counties, as well as the city of Chicago, showed gains in detached sales activity. The median price rose in six counties and in the city. The largest percentage increase in sales by county was in McHenry, a 39 percent gain, with Lake next at 35 percent. Kane gained 23 percent.
As for changes in median price for detached homes, the lone decrease was a 2 percent slip in Cook County to $135,000. Otherwise, the results were: DuPage up 8 percent to $242,250, Kane up 4 percent to $152,000, Kendall up 5 percent to $185,000, Lake up 12 percent to $180,000, McHenry up 6 percent to $155,050 and Will up 3 percent to $160,200. In Chicago, the median price of a detached home climbed 7 percent to $120,000.
Clear signs of a rebound also could be seen in February for the attached-home segment of the market. Sales volume rose to 2,143. Sales activity increased 42 percent in Lake, 37 percent in Kendall, 32 percent in Kane and 30 percent in McHenry when compared to sales in February 2012.
The median price for attached homes increased 2 percent in DuPage to $110,104, 15 percent in Kendall to $90,000, 6 percent in Lake to $100,450, 3 percent in McHenry to $82,000 and 10 percent in Will to $110,000. In Kane County the median price fell 5 percent to $93,950.
Average market time for attached homes continued to shorten across the metro area, but that was particularly the case in McHenry County, which saw the average fall 50 percent from 212 days in February 2012 to just 108 days this February.