McHenry County home sales and home prices were up significantly in February.
According to a market report released Thursday by the Illinois Association of Realtors, closed sales (including single-family homes and condominiums) totaled 299 last month, up from 218 in February 2012, a 37.2 percent increase. The median price of all homes was up 7.6 percent compared to a year ago, $136,800 vs. $127,190 in 2012.
The inventory of all homes fell almost 1,000, from 2,819 to 1,938, while the days on market was down from 121 days in February 2012 to 97 days in 2013.
The median price for all properties in Kane County was $129,450 in February, up 1.9 percent from $127,000 in 2012. Year-over-year closed sales in Kane were up 24 percent, from 342 to 424. The median price for all properties in Lake County was $152,000, up 7.4 percent from 2012. Closed sales were up 36.8 percent, from 421 to 576.
Statewide home sales (including single-family homes and condominiums) in February totaled 8,213 homes sold, up from 7,067 in February 2012. Statewide sales have posted monthly year-over-year gains since July 2011.
The statewide median price in February was $125,000, up 5.1 percent from February 2012 when the median price was $118,920. The median is a typical market price where half the homes sold for more and half sold for less.
“The first two months of the year are typically slower in the real estate business, but so far we’ve seen an encouraging number of sales,” said Michael D. Oldenettel, president of the Illinois Association of Realtors and managing broker/owner with Re/Max Results Plus in Jacksonville. “The February sales numbers show that we have a good rolling start into a portion of the year where traditionally we see more people list homes.”
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.49 percent in February 2013, up from 3.40 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last February it averaged 3.91 percent.
In the nine-county Chicago Primary Metropolitan Statistical Area, home sales (single-family and condominiums) in February 2013 totaled 5,935 homes sold, up 20.2 percent from February 2012 sales of 4,936 homes.
The median price in February 2013 was $140,000 in the Chicago PMSA, up 3.7 percent from $135,000 in February 2012.
“The bumpy recovery of the housing market continues,” noted Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “Sales continue to experience year-over-year gains and the number of foreclosed property sales continues to exceed new additions to this part of the inventory.”
Forty-seven of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in February 2013. Forty-three counties showed year-over-year median price increases including Sangamon, up 7.7 percent to $133,500; Cook, up 4.7 percent to $133,000; McLean, up 5.6 percent to $151,500; and Will, up 2.6 percent to $150,000.
The city of Chicago saw a 10.2 percent year-over-year home sales increase in February with 1,378 sales, up from 1,250 in February 2012.
The condo market in the city of Chicago also showed a sales increase of 10.2 percent to 779 units sold in February 2013.
The median price of a home in the city of Chicago in February was $158,000, up 12.9 percent compared to February 2012 when it was $140,000. Chicago condo prices posted a 21.2 percent jump to $200,000.