- The city of Chicago saw a 32.2 percent year-over-year home sales increase in January 2013 with 1,485 sales (single-family homes and condos).
- Looking specifically at the city’s condo market, January 2013 showed a sales increase of 29.7 percent over last January, to 829 units sold.
- The median home sales price in Chicago in in January 2013 was $159,000, up 7.4 percent compared to January 2012.
- In the greater nine-county Chicago metro region, home sales in January 2013 totaled 6,244 homes sold, up 36.8 percent from January 2012.
- The median January home sale price in the Chicago region was $141,000, up 0.7 percent from January 2012.
- The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 3.40 percent in January 2013, up from 3.32 percent during the previous month (Federal Home Loan Mortgage Corp.).
State of the Market
- The first month of 2013 continued to show positive signs of a market recovery in the city of Chicago.
- January’s sales volume was impressive, and with foreclosure sales continuing to outpace new additions, economists anticipate home prices may start moving upward in a steady manner.
- The Chicago condo market’s slow revival indicates a steady but measured improvement that we will continue to watch as a measure of the health in 2013.
- A general economic advantage of home ownership versus rental continues in the Chicago market, which may also generate opportunities for home sellers in 2013.