Closed home sales in McHenry County totaled 481 last month, up 45.3 percent from 331 in May 2012, according to a market report released Thursday by the Illinois Association of Realtors.
The median sales price for single-family homes increased 5.3 percent to $176,400, while condo prices fell 9.5 percent to $95,000 in May. The median price of all homes was up 1 percent compared to a year ago, $154,000 vs. $152,500 in 2012.
The inventory of all homes for sale dropped by 33 percent, from 3,014 to 2,020, while the days on market were down from 130 days in May 2012 to 80 days in 2013.
McHenry County home sales are up 38.3 percent for the first five months of 2013. Year-to-date, closed sales totaled 1,843 through May compared to 1,333 through May 2012. The year-over-year median sales price of all homes was up 0.9 percent to $141,250.
The median price for all properties in Kane County was $165.000 in May, up 4.4 percent from $158,000 in 2012. Year-over-year closed sales in Kane were up 41.6 percent, from 539 to 763. The median price for all properties in Lake County was $189,000, up 1.3 percent from May 2012. Closed sales were up 38.5 percent, from 737 to 1,021.
Illinois home sales increased 24.4 percent over previous-year levels in May and median prices increased 6.9 percent.
Statewide home sales (including single-family homes and condominiums) in May 2013 totaled 15,091 homes sold, up from 12,130 in May 2012. This marks 23 consecutive months of year-over-year sales increases and the strongest May since 2006 when 17,622 homes were sold statewide.
The statewide median price in May was $155,000, up 6.9 percent from May 2012 when the median price was $145,000. The median is a typical market price where half the homes sold for more and half sold for less.
“Buyers are still quite bullish when it comes to the housing market and the increase in median home prices reflects that strong demand,” said Michael D. Oldenettel, president of the Illinois Association of Realtors and managing broker/owner with Re/Max Results Plus in Jacksonvillel. “The fact that sales are approaching pre-recession levels is a positive sign that the market has rebounded.”
The inventory of homes for sale in May was 64,648 units, a 29 percent drop compared to last year’s 91,009 units. The time it takes to sell a home has also fallen with days on market averaging 83 days in May, down 19.4 percent from 103 days in May 2012.
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.55 percent in May 2013, up from 3.42 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last May it averaged 3.83 percent.
In the nine-county Chicago Primary Metropolitan Statistical Area, home sales (single-family and condominiums) in May 2013 totaled 10,951 homes sold, up 29.3 percent from May 2012 sales of 8,469 homes.
The median price in May 2013 was $184,000 in the Chicago PMSA, up 8.2 percent from $170,000 in May 2012. Time on market dropped substantially in May with listings averaging 69 days until sale, a 25 percent drop compared to 92 days in May 2012.
“Another strong month for the housing market that, in some parts of the state, is showing very robust activity,” noted Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois. “All the indicators point to a strong three-month period of growth, even in median prices. Mortgage rates are starting to inch upwards but the rates are still attractive enough not to dampen the momentum”
Fifty-nine of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in May 2013. Forty-nine counties showed year-over-year median price increases including Kendall, up 14.1 percent to $180,250; Will, up 10.3 percent to $177,000; Cook, up 9.4 percent to $185,000; Boone, up 7.7 percent to $112,000; McLean, up 6 percent to $163,250: and Peoria, up 5.5 percent to $124,250.
The city of Chicago saw a 30 percent year-over-year home sales increase in May 2013 with 2,762 sales, up from 2,125 in May 2012.
The median price of a home in the city of Chicago in May 2013 was $234,000 up 17 percent compared to May 2012 when it was $200,000. Chicago condo prices also saw double-digit gains for the month, posting a 10.8 percent jump to $274,000. Average time on market in the city was 53 days, down 32.1 percent compared to 78 days last May.