Condo demand remains high in Chicago
Illinois, single-family home sales for January totaled 6,247, up 1.7 percent from 6,144 sales reported in January 2004, according to the Illinois Association of Realtors.
The median price of a single-family Illinois home in January was $179,400, up 8.7 percent from $165,000 in January 2004. The median is a typical market price where half the homes sold for more, half sold for less. The average home price registered $223,800 in January 2005, up 3.5 percent from $216,200 in the same month of 2004.
A total of 2,920 condominium sales were reported last month in Illinois, up 22.7 percent from 2,379 sales in the same month last year. The statewide condominium median price for January was $195,000, up 8.3 percent from $180,000 one year ago.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 4,085, up 3.7 percent from 3,939 home sales in January 2004. The median single-family home price for the Chicagoland PMSA last month was $234,000 up 7.8 percent from $217,000 in January 2004.
Condominium sales in the Chicagoland PMSA rose 23.1 percent in January to 2,843 units sold, while the condominium median sales price increased 8.5 percent to $197,000. In January 2004 condo sales for the Chicagoland PMSA were 2,310; the median price was $181,500.
"The Chicagoland housing market does not seem to be slowing down and condo sales continue to be a driving force," said John Veneris, president of the Illinois Association of Realtors. "The outlook for interest rates looks favorable in 2005, averaging 6 percent, according to economists for the National Association of Realtors. That bodes well for housing."