The Illinois housing market posted its 7th consecutive month of year-over-year home sales increases in March as the spring market heats up and the April 30 federal home buyer tax credit deadline nears. According to the Illinois Association of Realtors latest report, statewide total home sales (which includes single family and condominiums) in March 2010 were up 32.8%, totaling 9,487 homes sold compared to March 2009 sales of 7,142 homes. The median sales price in March 2010 was $148,500, down .3% from $149,000 in March 2009. The median sales price is the typical market price where half the homes sold for more, half sold for less.
Year-to-date January through March 2010, Illinois homes sales were up 23.5%. This was statewide.
What about the Chicago area? The Chicagoland area has also reported double digit increases in sales, spurred largely by the tax credit and the strong buyer market. The forecast for the next 3 months is that trends indicate that this trend should continue. Strong sales are working off the large inventories, and helping to stabilize the market. Foreclosures continue to be a concern, as the distressed properties continue to affect prices.
The decline in median sales prices have moderated significantly from last year, signaling a return of confidence in the housing market.
For more information see: www.illinoisrealtor.com