Illinois real estate, home sales climb in 2004 Q4

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

Single-family home sales in Illinois continued strong in the fourth quarter, with Realtors reporting 21,600 closings, up 5.1 percent from 20,552 sales in the fourth quarter of 2003, the Illinois Association of Realtors reported today.

In the fourth quarter of 2004, the statewide median price was $184,800, up 7.8 percent from $171,400 during the same period in 2003.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), fourth-quarter, single-family home sales increased 3.3 percent to 18,810, from 18,201 in the fourth quarter of 2003. The Chicagoland PMSA includes the counties of Cook, DuPage, Lake, McHenry, Kane, Will, Grundy and Kendall. The median price of single-family homes sold in the Chicagoland PMSA increased 9 percent to $241,800 in the fourth quarter of 2004; it was $221,900 in 2003.

Statewide, median home prices in the fourth quarter ranged from $490,800 in the North Shore to $52,500 in the Kewanee area (Mid Valley Association of Realtors). A sample of the areas that reported year-to-year price appreciation in the Chicago metro region include Aurora, up 11.5 percent to $205,200; McHenry County, up 10.2 percent to $243,500; Oak Park, up 14.5 percent to $395,800; Three Rivers (Will and Grundy counties), up 12 percent to $209,800; and West Towns, up 11.5 percent to $212,700. Areas around the state that saw median price increases include Rockford, up 10.9 percent to $124,000; Greater Gateway, up 4.2 percent to $101,700; Bloomington-Normal, up 8.9 percent to $149,200; Quad City Area, up 4 percent to $87,700; Capital Area (Springfield), up 7.9 percent to $95,800; and Peoria area, up 3 percent to $93,700.