Housing Update: More Selling, But Still for Less

A RE/MAX survey suggests that though more single-family homes and condos sold in October and November 2011 than in the same months last year, selling prices continue to be lower than last year. 

DuPage County saw an increase of 9 percent single family homes in October and November from 2010 and an 18 percent increase in condos and townhomes in the same time period. 

Kendall County saw the most growth in home sales from 2010, with a 34 percent increase. McHenry County saw a 77 percent increase in condo and townhome sales from 2010. 

Across Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties, there was a 16 percent increase in single family home sales and a 24 increase in the sales of condos and townhomes. 

The following data is for Woodridge, specifically. Both sales for condos/townhomes and single family homes were up. 

Both median and average prices were down from 2010 across Chicago. 

The median sale price for a single family home in the Chicago area ($165,000) was down 11 percent from November 2010. 

The median sale price of a townhome or condo in the Chicago area ($120,000) was down 22 percent from last year. 

“As the 22 percent decline in the median price suggests, attached home values have suffered during the last year, but there’s a chance we are getting the worst of that situation behind us,” said Laura Ortoleva, a spokesperson for the RE/MAX Northern Illinois real estate network. 

“The median price of attached homes sold in November was unchanged from October.  At the same time, the average sales price actually rose 7 percent from the prior month, the first time that has happened in November since 2007.”

The following data is specific to Woodridge: 

Market time across the Chicago region remained steady. It increased one day to 162 days for single family homes. Market time for condos or townhomes increased three days to 184 days, three more days than in 2010.