Recovering Condo Market Helped Metro Chicago Real Estate Market Post Solid Results for December Reports RE/MAX
Summary
The median sales price of a distressed home rose 6 percent to $92,000, compared to $87,000 in December of last year.Sales of attached homes (primarily condominium apartments and townhouses) recorded strong increases in some portions of the metro market.Combined sales of attached and detached homes in the seven-county metro area were up 20 percent to 7,281 units when compared to the same month last year.The average market time, which is the average number of days a home sold in December was on the market before a sales contract was signed, dipped to 138 days for all homes, down from 174 days in December 2011.Those findings are based on an analysis of transaction data compiled by Midwest Real Estate Data, LLC (MRED), the regional multiple listing service.Total December home sales activity rose in each of the seven counties when compared to year-earlier results.The median sales price for attached units in Cook County climbed a robust 12 percent to $140,000, while the average market time improved to 134 days from 197 days a year earlier.In Chicago, attached sales were 18 percent higher than in December 2011, totaling 1,045 units, and the median price bounded up 31 percent to $235,000.Among the six other counties, the median sales price of attached homes rose in three and fell in three.