Hot Chicago Market

Real estate sales rise in Illinois, Massachusetts

More buyers flock to condominiums
Tuesday, August 24, 2004

Median home price in Chicago metro area rose to $253,800 in July.

Home sales and prices in Illinois and Massachusetts posted healthy gains in July, according to Realtor associations in both states.

Home sales in Illinois rose 3.9 percent in July and the median price of an existing single-family home increased 5.6 percent compared to the same period a year ago, the Illinois Association of Realtors reported.

According to sales data, the median price of an existing single-family home in July was $192,600, up 5.6 percent from $182,400 in July 2003. The median is a typical market price where half the homes sold for more, half sold for less. July home sales totaled 13,155, up 3.9 percent from 12,662 homes sold in July of 2003. Year-to-date sales (January through July) showed an increase of 6.6 percent to 72,971 homes sold, compared to 68,424 in sales in the first seven months of last year.

There were a total of 5,593 condominium sales in July, up 11.1 percent from 5,032 sales in the same month last year. The statewide condominium median price for July was $191,000, up 6 percent from $180,200 one year ago.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), existing single-family home sales totaled 8,343, up 3.2 percent from 8,087 home sales in July 2003. The median existing single-family home price in the Chicagoland PMSA last month was $253,800 up 8.7 percent from $233,500 in July 2003. Condominium sales in the Chicagoland PMSA rose 12.4 percent in July to 5,321, while the condominium median sales price increased 5.5 percent to $195,400. In 2003 condo sales for the Chicagoland PMSA were 4,735; the median price was $185,300.

Single-family homes sales in Massachusetts jumped 10.4 percent in July from a year ago, while the median home price grew 11.1 percent during the same period, according to the Massachusetts Association of Realtors.

According to sales data, 5,781 homes sold in July, compared to 5,235 homes sold in July 2003. Last month's median price was $350,000, compared to $315,000 in July 2003.

There were a total of 2,103 condominium sales in July, up 22.1 percent from July 2003's total of 1,723. The statewide condo median selling price was $269,000 in July, up 14.7 percent from $234,500 posted a year ago.