Welcome!

News Feed Item

February Delivered Rising Home Prices Despite Reduced Sales Activity in Metro Chicago Real Estate Market, RE/MAX Reports

CHICAGO, March 13, 2014 /PRNewswire/ -- Residential sales in the seven-county metropolitan Chicago real estate market during February followed a pattern similar to that established in January, with prices rising but the pace of sales slowing when compared to the same month last year, according to an analysis by RE/MAX. 

RE/MAX Northern Illinois.

The continuation of bitter winter weather and a smaller quantity of homes for sale appear to be the primary factors causing reduced sales activity.  Mortgage interest rates, which remain comfortably under 5 percent for 30-year fixed-rate loans, continue providing stimulus to the housing market.

The median sales price of all attached and detached homes sold in the Chicago area last month rose 13 percent to $157,900 when compared to the results for February 2013, while the number of homes changing hands dipped 8 percent to 5,507 units.  Homes sold in February spent an average of 110 days on the market before going under contract – or 33 days less than a year earlier. 

There were 29,483 homes listed for sale at the end of February in the metro area.  That is 2.5 percent more than at the end of January but 12 percent fewer than in February 2013.  The RE/MAX analysis is based on sales data for attached and detached homes gathered by MRED LLC, the regional multiple listing service.

Homes sold as foreclosures or short sales accounted for 45 percent of February sales this year compared to 49 percent a year earlier.  Sales of this type tend to peak as a percentage of total sales during the winter months.  Foreclosed properties alone accounted for 33 percent of all February home sales.  The median sales price for a foreclosure was $85,000, 9 percent more than a year ago. 

Among the seven metro counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will, six saw the median sales price of a home rise in February.    

The median price rose 16 percent in Cook, including a 12 percent increase in Chicago.  Other gains were 14 percent in Kendall, 10 percent in DuPage, 8 percent in Kane, 6 percent in McHenry and 5 percent in Will.  Lake County's average price fell 9 percent,

Sales of attached homes generated slightly stronger results than did the detached segment of the market during February.  The median sales price for attached homes in the metro area was $130,000, a 13 percent year-over-year increase.  The number of attached homes sold totaled 2,117 units, which represented a 4 percent year-over-year decline.  Average market time was 104 days, down from 138 days a year earlier.

February sales of detached homes in the seven-county area totaled 3,390 units, 10 percent below the total for the same month last year.  The median sales price rose 11 percent to $174,000.  Average market time fell to 114 days from 146 days a year earlier.

RE/MAX has been the leader in the northern Illinois real estate market since 1989.  The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of 2,000 sales associates and 100 individually owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services.  Its www.illinoisproperty.com provides comprehensive information about the network and about residential and commercial property for sale in the region.  The northern Illinois network is part of RE/MAX, LLC, a global real estate organization with 90,000+ sales associates in 90+ nations. 

Logo - http://photos.prnewswire.com/prnh/20140116/CG48021LOGO

SOURCE RE/MAX

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).