We have worked through a large portion of the supply of foreclosed properties that was such a big part of this market just a few years ago
ELGIN, Ill. (PRWEB)
May 20, 2017
April sales data showed the seven-county, Chicago-area housing market maintaining a strong sales pace, RE/MAX reports. April sales topped 10,000 units for the second consecutive year, and home values continued to climb.
According to RE/MAX, home sales for the month were 0.5 percent lower than during the same month last year, totaling 10,078 units. The median sales price climbed 6.3 percent to $245,000.
“In our view, the small sales decline largely reflects the impact of two factors, the relatively low inventory of homes for sale this spring and the related fact that we have worked through a large portion of the supply of foreclosed properties that was such a big part of this market just a few years ago,” said Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois.
Foreclosures represented just 8 percent of all April home sales this year but accounted for 20 percent of April sales as recently as 2015.
“If you exclude foreclosures from April home sales for this year and last, sales this year were 5 percent higher,” Kreider said.
Another sign of strength in the housing market was the continued decline in the average time that homes sold during the month were on the market before going under contract. The April average was 90 days, down from 99 days a year earlier and from 100 days in March of this year. It was the lowest average market time posted in April since 2005.
Sales data used by RE/MAX is collected by MRED, the regional multiple listing service. It covers detached and attached homes in the Illinois counties of Cook, DuPage, Kane, Kendall, Lake, McHenry…