The sales of existing homes in metropolitan Chicago has increased by seven percent in to 109,676, as compared from 2014, while the median price of all the houses sold in the seven-county metro area has increased to $211,000 in 2015, up by eight percent compared to the prior year, according to the RE/MAX report.
RE/MAX analyzed the data collected by MRED, the regional multiple listing service, for the Illinois counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will.
"While results for the first half of 2015 were a bit stronger than those for the second half, the market maintained its positive momentum right through December," observed Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network. "It seems likely that 2015 sales volume was restrained by the relatively modest inventory of homes for sale, but that helped generate stronger pricing for those homes that were on the market."
According to the press release of RE/MAX in PR NewsWire, the inventory of homes for sale in the fourth quarter of 2015 was four percent less than 2015, while the median sales price rose by eight percent. Meanwhile, the sales of attached homes, such as condominium apartments, townhouses and cooperatives, have increased to 39,925, up by four percent in 2015, and the median price of an attached home has rose to nine percent to $180,000. Attached homes also stay in the market 11 weeks, four days less than in 2014.
The Metro Chicago Real Estate Market Home Sales reported that the ample supply of detached homes helped produce an eight percent boost in sales activity to 69,751 homes, while the median sales price rose five percent to $225,000. The average market time was 101 days, increased by three days from the prior year.
The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of more than 2,250 sales associates and 105 independently owned and operated RE/MAX offices, that provide a full range of residential and commercial brokerage services.
