- The city of Chicago saw a 14.6 percent year-over-year home sales increase in December 2012 with 1,806 sales (single-family homes and condos).
- Looking specifically at the city’s condo market, December 2012 showed a sales increase of 17.7 percent over last December, to 1,037 units sold.
- The median home sales price in Chicago in December 2012 was $185,000, up 19.4 percent compared to December 2011.
- In the greater nine-county Chicago metro region, home sales in December 2012 totaled 7,372 homes sold, up 19.2 percent from December 2011.
- The median December home sale price in the Chicago region was $151,500, up 4.5 percent from December 2011.
- The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was as 3.32 percent in December 2012, down from 3.33 percent the previous month (Federal Home Loan Mortgage Corp.).
- Year-end 2012 home sales in the city of Chicago totaled 22,333, up 22.4 percent from 2011 home sales. The year-end median home sale price in Chicago was $185,000, up 5.7 percent from 2011.
- Year-end 2012 home sales totaled 90,365 in the greater nine-county Chicago metro region, up 26.7 percent from 2011. The year-end 2012 median home sale price in the region reached $160,000, down 1.5 percent from 2011.
State of the Market
- The industry was glad to see positive indicators across the board in December, the height of the holiday season, which is typically a quiet time for home sales.
- December’ 18.9 percent decrease in market time, compared to a year ago, shows a continued clearing of inventory. We expect this trend toward lower inventory to prompt both buyers and sellers off the fence and advance home price stabilization.
- The Chicago market is generally seeing a comparative economic advantage of home ownership versus rental, which may also generate opportunities for home sellers in 2013.
- Though Chicago’s housing market is on the right track, economists expect tough patches in the first quarter of 2013 until there is resolution of the fiscal challenges in Washington and Springfield. Declining consumer confidence will continue to reflect these uncertainties.