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McHenry County home sales up 42.3 percent

Caption
(Northwest Herald file photo)
A Crystal Lake home is shown for sale in this file photo. Home sales in McHenry County totaled 407 last month, up 42.3 percent from 286 in April 2012.

Home sales in McHenry County totaled 407 last month, up 42.3 percent from 286 in April 2012, according to a market report released Wednesday by the Illinois Association of Realtors.

The median sales price for single-family homes increased 4.9 percent to $170,000, while condo prices fell 23.4 percent to $78,000 in April. The median price of all homes was up 2.7 percent compared to a year ago, $149.900 vs. $146,000 in 2012.

The inventory of all homes for sale dropped by 34.7 percent, from 2,957 to 1,931, while the days on market were down from 110 days in April 2012 to 94 days in 2013.

McHenry County home sales are up 35.4 percent for the first four months of 2013, Year-to-date, closed sales totaled 1,357 through April compared to 1002 through April 2012. The year-over-year median sales price of all homes was down 0.9 percent to $138,250.

The median price for all properties in Kane County was $151,950 in April, down 2 percent from $155,000 in 2012. Year-over-year closed sales in Kane were up 30.6 percent, from 490 to 640. The median price for all properties in Lake County was $188,125, up 16.1 percent from April 2012. Closed sales were up 48.7 percent, from 589 to 876.

Statewide, home sales increased 25.3 percent over previous-year levels in April and median prices increased 7.7 percent, according to the Illinois Association of Realtors.

Illinois home sales (including single-family homes and condominiums) in April 2013 totaled 12,621 homes sold, up from 10,076 in April 2012. This was the best April performance since 2007.

The statewide median price in April was $145,900, up 7.7 percent from April 2012 when the median price was $135,500. The median is a typical market price where half the homes sold for more and half sold for less.

“The spring numbers are very encouraging, especially as we see substantial tightening of the numbers of homes on the market,” said Michael D. Oldenettel, president of the Illinois Association of Realtors and managing broker/owner with Re/Max Results Plus in Jacksonville.“While prices are inching up slightly due to strong demand, the interest rates continue to be a powerful lure for those who want to own a home and the spring housing market looks to be a strong one.”

The inventory of homes for sale in April was 62,503 units, a 30.6 percent drop compared to last year’s 90,041 units. The time it takes to sell a home has also fallen with days on market averaging 89 days in April, down 19.8 percent from 111 days in April 2012.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.42 percent in April 2013, down from 3.54 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last April it averaged 3.89 percent.

In the nine-county Chicago Primary Metropolitan Statistical Area, home sales (single-family and condominiums) in April 2013 totaled 9,152 homes sold, up 31.2 percent from April 2012 sales of 6,977 homes.

The median price in April 2013 was $173,000 in the Chicago PMSA, up 8.1 percent from $160,000 in April 2012.

“The housing market is exhibiting signs of a more stable recovery with an anticipated strong early summer led by strong sales gains and more modest but still positive gains in median prices,” noted Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois. “Average time on the market, the growth in the pending sales index and an increase in the share of total sales captured by more expensive properties point to a return to greater stability in the market.”

Fifty-five of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in April 2013. Forty-two counties showed year-over-year median price increases including Knox, up 32.1 percent to $72,000; Grundy, up 15.7 percent to $155,000; Cook, up 11.9 percent to $172,900; and Madison, up 4.5 percent to $116,000.

The city of Chicago saw a 28.4 percent year-over-year home sales increase in April 2013 with 2,331 sales, up from 1,816 in April 2012. The median price of a home in the city of Chicago in April 2013 was $222,000 up 22.0 percent compared to April 2012 when it was $182,000.

Chicago condo prices also saw strong gains for the month, posting a 21.1 percent jump to $272,500.

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