Real Estate
Suburban Home Sales, Prices Continue Strong Upward Trend in March
Positive growth continues for second consecutive month in two key indicators
The suburban Chicago housing market posted a 19.3 percent increase in the number of homes sold in the region compared to March 2014, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe). Median sales prices of detached homes were also up 7.0 percent compared to the same period last year, according to information provided by Midwest Real Estate Data, LLC. This is the second consecutive month of year-over-year sales increases and price growth.
The number of homes that went under contract last month in MORe’s region – which includes about 200 communities in DuPage, Lake and suburban Cook counties – increased 37.3 percent over March 2014, the largest year-over-year increase since August 2013.
As a whole, the Chicagoland market ended the first quarter of 2015 with strong numbers: across the region, sales were up 8.2 percent and median sales prices were up 6.6 percent.
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“These statistics show considerable improvement in the market,” said Pradeep Shukla, president of MORe and managing broker of RE/MAX Renaissance in Des Plaines. “Inventory levels remain very low while demand continues to grow due to low interest rates. Now is a great time for those considering listing their homes to put them on the market. If they are priced well, they won’t be available for long.”
In a year-to-year comparison of sales of single-family detached homes, several suburban communities saw large increases, including: Hinsdale (166.7 percent increase from March 2014), Olympia Fields (150 percent), Palos Hills (200 percent), River Grove (175 percent), Villa Park (133.3 percent) and West Chicago (114.3 Percent).
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MORe is dedicated to anticipating and serving the needs of more than 15,000 REALTORS®, affiliates and licensed appraisers in South, West and Northwest Suburban Chicagoland. MORe is the largest local REALTOR® member organization in Illinois and the fourth largest in the nation. To learn what a REALTOR® can do for you, visit www.succeedwithmore.com.
