|
Statewide Median at $203,000
SPRINGFIELD, Ill., Jan. 25 /PRNewswire/ -- Total Illinois home sales
(which include single-family and condominiums) outpaced the previous record
set in 2004, while sales in December were off slightly. According to the
latest survey from the Illinois Association of REALTORS(R), statewide a total
of 183,123 home sales were reported in 2005, up 1.9 percent from 179,549 total
sales in 2004.
Monthly total home sales in December were off 1.1 percent to 13,255 sales
compared to 13,408 sales in December 2004. The Illinois median home price in
December was $203,000, up 8.6 percent from $186,900 a year earlier. The median
is a typical market price where half the homes sold for more, half sold for
less.
"Looking back, it was another banner year for housing in Illinois with
solid fundamentals including strong demand for homeownership fueled largely by
attractive interest rates," said Stan Sieron, CRS, GRI, president of the
Illinois Association of REALTORS(R). "Condos were in high demand from
consumers all year long with December marking the highest number of condos
sold for the month, which is typically one of the slowest months for Illinois
home sales. First-time buyers commanded a large share of the housing market.
As reported by the National Association of REALTORS(R) in its 2005 Profile of
Home Buyers and Sellers, 40 percent of homes sold last year were purchased by
first-time buyers."
The monthly average commitment rate for a 30-year, fixed-rate mortgage for
the North Central region was 6.40 percent, down 0.01 points from the 6.41
average rate during the previous month, according to the Federal Home Loan
Mortgage Corporation. Last year in December it averaged 5.80 percent. The 30-
year fixed-rate mortgage is projected to reach 6.7 percent during the second
half of 2006.
Statewide, single-family home sales were down 1.9 percent in December 2005
to 9,081 homes sold from 9,258 in December 2004. The median single-family home
price in December was $198,000, up 10.0 percent from $180,000 a year earlier.
The single-family average home price for December 2005 was $255,461, a 14.3
percent increase from $223,455 in 2004.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-
family home sales totaled 5,590, down 2.7 percent from 5,750 home sales in
December 2004. The median single-family home price for the Chicagoland PMSA
was $264,561, up 11.2 percent from $238,000 in December 2004.
Statewide, 4,174 condominium sales were reported in December 2005, up 0.5
percent from 4,150 sales in the same month last year. The condo median price
for December was $209,900, up 6.6 percent from $196,849 one year ago.
Condominium sales in the Chicagoland PMSA rose 0.1 percent in December
2005 to 4,012 units sold, while the condo median sales price increased 6.2
percent to $214,500. In December 2004 condo sales for the Chicagoland PMSA
totaled 4,008; the median price was $201,920.
"Illinois home sales most likely have reached their peak level in this
four-year expansion, and REALTORS(R) expect 2006 to see healthy activity in
the housing sector with continued favorable price appreciation," said Sieron,
broker-owner of Stan Sieron and Company in Belleville. "Factors well be
watching include long-term mortgage interest rates, job growth and consumer
confidence levels. We expect to see continued future demand for second homes
from the baby boomers as well as many first-time buyers from immigrant
populations and the children of the baby boomers -- the echo boomers -- who
are just now entering the market."
Sales and price information is generated from a survey of Multiple Listing
Service sales reported by 36 participating Illinois REALTOR(R) local boards
and associations. The Chicagoland PMSA, as defined by the U.S. Census Bureau,
includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake,
McHenry and Will.
The Illinois Association of REALTORS(R) is a voluntary trade association
whose 59,000 members are engaged in all facets of the real estate industry. In
addition to serving the professional needs of its members, the Illinois
Association of REALTORS(R) works to protect the rights of private property
owners in the state by recommending and promoting legislation that safeguards
and advances the interest of real property ownership.
Additional statistical information can be found on the Illinois
Association of REALTORS(R) Web site at http://www.illinoisrealtor.org .
|
|
