Illinois Fourth Quarter Home Sales Finish Strong

Up 35.6 PercentBuyer Market Conditions Continue as 2010 Begins:

Fueled by the tax credit incentive, home sales rebounded in the latter half of the year with Illinois buyers gaining some long-awaited confidence bolstered by low mortgage interest rates and moderating home prices. According to the Illinois Association of REALTORS® (IAR) fourth quarter 2009 report, Illinois home sales (which include single-family homes and condominiums) totaled 29,822 in the fourth quarter, up 35.6 percent from 21,986 home sales in the same period a year ago. For the year 2009, total sales were down 1.4 percent with 107,613 homes sold compared to 109,195 sales in 2008.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA) total home sales (single-family and condominiums) were up 44.9 percent in the fourth quarter of 2009 to 19,947 homes sold compared to 13,765 home sales in the fourth quarter of 2008. For the year, total home sales in the Chicagoland PMSA reached 69,373, nearly even with 69,406 home sales in 2008. The region’s fourth quarter 2009 median price was $187,000, down 13.0 percent from $215,000 in the fourth quarter of 2008. The Chicagoland PMSA median home sale price for 2009 was $196,000, down 18.3 percent from $240,000 in 2008.

According to the IAR report, total home sales (single-family and condominiums) comparing 4Q09 to 4Q08 were up in 72 of 99 Illinois counties reporting with 49 of 99 counties posting median price increases. The following Illinois counties reported both sales and median price increases for the quarter: Champaign sales up 51.0 percent, median price up 6.0 percent to $143,950; Kankakee sales up 13.8 percent, median price up 2.4 percent to $128,000; Peoria sales up 7.7 percent, median price up 1.1 percent to $110,000; Sangamon sales up 44.5 percent, median price up 8.1 percent to $115,000; and Williamson sales up 13.4 percent, median price up 16.2 percent to $97,000.

In the city of Chicago, total home sales (single-family and condominiums) in the fourth quarter were up 43.7 percent to 5,639 sales compared to sales of 3,925 in the fourth quarter of 2008. The city of Chicago median price in the fourth quarter was $215,000 down 11.5 percent from $243,000 in the same period for 2008.

For the year, home sales in the city reached 19,401 in 2009, down 7.4 percent from 20,946 sales in 2008. The 2009 median price was $225,000, down 22.4 percent from $290,000 in 2008.