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McHenry County home sales up 44 percent

Published: Monday, July 22, 2013 2:49 p.m. CDT • Updated: Tuesday, July 23, 2013 8:44 a.m. CDT
Caption
(Northwest Herald file photo)
Townhomes under construction this spring on Williams Drive in Huntley.

Closed home sales in McHenry County totaled 491 last month, up 44.4 percent from 340 in June 2012, according to a report released Monday by the Illinois Association of Realtors.

The median sales price for single-family homes increased 15.5 percent to $179,000, while condo prices increased 9.7 percent to $101,500 in June. The median price of all homes was up 14.8 percent compared to a year ago, $163,000 vs. $142,000 in 2012.

The inventory of homes for sale dropped by 31 percent, from 3,041 to 2,000, while the days on market were down from 90 days in June 2012 to 72 days in 2013.

McHenry County home sales are up 39.7 percent for the first six months of 2013. Year-to-date, closed sales totaled 2,337 through June compared to 1,846 through June 2012. The year-over-year median sales price of all homes was up 5.7 percent to $148,000 for the first six months of 2012.

The median price for all properties in Kane County was $185,000 in June, up 18 percent from $156,750 in 2012. Year-over-year closed sales in Kane were up 21.2 percent, from 642 to 776. The median price for all properties in Lake County was $235,000, up 11.9 percent from June 2012. Closed sales were up 17.2 percent, from 908 to 1,062.

Statewide, home sales increased 14.9 percent over previous-year levels in June and median prices increased 9.7 percen.

Illinois home sales (including single-family homes and condominiums) in June 2013 totaled 15,268 homes sold, up from 13,286 in June 2012. This marks 24 consecutive months of year-over-year sales increases.

The statewide median price in June was $170,000, up 9.7 percent from June 2012 when the median price was $155,000. The statewide median price is at the highest level since June 2010. The median is a typical market price where half the homes sold for more and half sold for less.

“To have this extended run of year-over-year sales gains shows that the housing market in Illinois is indeed recovering,” said Michael D. Oldenettel, president of the Illinois Association of Realtors and managing broker/owner with Re/Max Results Plus in Jacksonville. “Enthusiasm on the part of buyers shows no signs of flagging, and that drive to own a home is helping the state out of one of the worst economic downturns in recent memory.”

The inventory of homes for sale in June was 65,658 units, a 27.4 percent drop compared to last year’s 90,461 units. The time it takes to sell a home has also fallen with days on market averaging 76 days in June, down 20 percent from 95 days in June 2012.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 4.09 percent in June 2013, up from 3.55 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last June it averaged 3.67 percent.

In the nine-county Chicago Primary Metropolitan Statistical Area, which includes McHenry, Kane and Lake, home sales in June 2013 totaled 11,103 homes sold, up 18.7 percent from June 2012 sales of 9,354 homes.

The median price in June 2013 was $206,000 in the Chicago PMSA, up 13.2 percent from $182,000 in June 2012. The time it took to sell a home dropped substantially in June with listings averaging 63 days until sale, a 25 percent drop compared to 84 days in June 2012.

“The rising house prices suggest some significant movements towards a more stable housing market,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois. “New analysis of the foreclosure process suggests that a return to pre-recession levels could occur early next year, further enhancing the housing recovery. Rising interest rates appear not to be dampening demand and continued upward pressure on rental prices is clearly encouraging more potential buyers into the market.”

Forty-seven of 102 Illinois counties reporting to IAR showed year-over-year home sales increases in June 2013. Forty-four counties showed year-over-year median price increases.

The city of Chicago saw a 12.5 percent year-over-year home sales increase in June 2013 with 2,623 sales, up from 2,332 in June 2012. The median price of a home in the city of Chicago in June 2013 was $254,900 up 17.5 percent compared to June 2012 when it was $217,000. Chicago condo prices also saw double-digit gains for the month, posting a 14.5 percent jump to $286,750. Average time on market in the city was 51 days, down 32.9 percent compared to 76 days last June.

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