Rebound in Metro Chicago Real Estate Market | North Salem Real Estate
The residential rebound in the metropolitan Chicago real estate market hit new heights during the third quarter of this year, according to an analysis by RE/MAX in which results for the quarter were compared to the same period last year.
Sales activity in the seven-county area soared 31 percent to 33,148 units, and the median price of homes sold during the quarter gained 16 percent to $210,000.
Third-quarter results exceeded those in the same period last year. They also surpassed results for the second quarter this year, with sales activity 6 percent higher and the median price up 11 percent.
The year-over-year percentage increases in the median price for both the second and third quarters were greater than the year-over-year gain recorded for any other quarter over the last eight years.
Another sign of strength in the market, according to the RE/MAX analysis, is that the average amount of time it took for a newly listed home to go under contract during the third quarter was 96 days. That compares to 139 days a year earlier and 115 days in the second quarter this year. It was the shortest quarterly average market time since the fourth quarter of 2006.
The increase in the median price reflects both higher home values and a decline in the percentage of sales accounted for by distressed sales (foreclosures and short sales). Distressed sales represented 30 percent of all third quarter sales this year, down from 38 percent a year ago.
Read more: http://www.digitaljournal.com/pr/1568703#ixzz2jtpAtpv6
Sales activity in the seven-county area soared 31 percent to 33,148 units, and the median price of homes sold during the quarter gained 16 percent to $210,000.
Third-quarter results exceeded those in the same period last year. They also surpassed results for the second quarter this year, with sales activity 6 percent higher and the median price up 11 percent.
The year-over-year percentage increases in the median price for both the second and third quarters were greater than the year-over-year gain recorded for any other quarter over the last eight years.
Another sign of strength in the market, according to the RE/MAX analysis, is that the average amount of time it took for a newly listed home to go under contract during the third quarter was 96 days. That compares to 139 days a year earlier and 115 days in the second quarter this year. It was the shortest quarterly average market time since the fourth quarter of 2006.
The increase in the median price reflects both higher home values and a decline in the percentage of sales accounted for by distressed sales (foreclosures and short sales). Distressed sales represented 30 percent of all third quarter sales this year, down from 38 percent a year ago.
Read more: http://www.digitaljournal.com/pr/1568703#ixzz2jtpAtpv6
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