IAR Market Stats

October 25, 2005

For Immediate Release

Contact: Mary Schaefer, Ann Londrigan, 217/529-2600   

Illinois Home Sales Up 6.3 Percent in September; Median Price at $207,000

SPRINGFIELD, Ill. — The housing market has yet to cool off in Illinois as home sales rose 6.3 percent in September, according to the latest report by the Illinois Association of REALTORS. Total home sales, which include single-family homes and condominiums, were 16,663 in September 2005, up 6.3 percent from 15,671 sales in September 2004. The Illinois median home price in September was $207,000, up 9.8 percent from $188,500 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.

Total home sales year-to-date (January through September) show an overall increase of 3.0 percent to 142,207 homes sold compared to 138,077 sales in the first nine months of last year.

“Illinois REALTORS saw no slowdown in the housing market this September. In fact, we saw the highest number of condo sales on record for the month of September, and single-family home sales logged the second highest number of sales for the month,” said Stan Sieron, CRS, GRI, president of the Illinois Association of REALTORS. “Interest rates, while inching upward, still averaged well under six percent in our region and remain a key factor in the strong demand for homeownership.”

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 5.87 percent, down 0.05 points from the 5.92 average rate during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in September it averaged 5.85 percent.

Statewide, single-family home sales were up 2.9 percent in September 2005 to 11,381 homes sold from 11,060 in September 2004. The median single-family home price in September was $207,000, up 12.5 percent from $184,000 a year earlier. The single-family average home price for September 2005 was $259,729, an 11.8 percent increase from $232,414 in 2004.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 6,985, up 2.0 percent from 6,849 home sales in September 2004. The median single-family home price for the Chicagoland PMSA was $270,000, up 10.7 percent from $244,000 in September 2004.

Statewide, 5,282 condominium sales were reported in September 2005, up 14.6 percent from 4,611 sales in the same month last year. The condo median price for September was $207,900, up 6.6 percent from $195,000 one year ago.

Condominium sales in the Chicagoland PMSA rose 14.8 percent in September 2005 to 5,093 units sold, while the condo median sales price increased 6.3 percent to $211,000. In September 2004 condo sales for the Chicagoland PMSA totaled 4,438; the median price was $198,500.

“So far the Illinois housing market has not been negatively affected by the rise in energy prices, and demographic trends favor housing expansion going forward,” said Sieron, broker-owner of Stan Sieron and Company in Belleville. “Boomers, retirees, children of the boomers who are first-time buyers and an influx of immigrants buying homes will keep the real estate market solid.”

Sales and price information is generated from a survey of Multiple Listing Service sales reported by 36 participating Illinois REALTOR local boards and associations. The Chicagoland PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

The Illinois Association of REALTORS is a voluntary trade association whose 55,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

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