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McHenry County home sales surge

Published: Thursday, Sept. 5, 2013 5:26 p.m. CDT

CRYSTAL LAKE – Closed home sales in McHenry County increased 54.3 percent last month to 523, up from 339 in July 2012, according to the most recent report from the Illinois Association of Realtors.

The median sales price for single-family homes increased 5.9 percent in July to $183,000. Condo prices increased 17.3 percent to $115,000 last month. The median price of all properties was up 6.5 percent to $165,000, compared to $155,000 in July 2012.

The inventory of homes for sale dropped 29 percent to 2,127 in July, down from 2,995 in the same month last year. Homes also spent less time on the market. In July, homes spent 86 days on the market, down 20.4 percent from 108 days in July 2012.

McHenry County homes sales were up 42.4 percent through the first seven months of the year. Year-to-date, closed sales totaled 2,866 through July compared with 2,012 through July 2012. The year-over-year median sales price of all homes was up 4.2 percent to $150,045, up from $144,000 during the same period last year.

The median price for all properties in Kane County was $174,000 in July, up 20 percent from $145,000 in 2012. Year-over-year closed sales in Kane County were up 42.4 percent in July, from 576 in 2012 to 820 in 2013. The median price for all properties in Lake County was $220,000, up 15.2 percent from $191,000 in July 2012. Closed sales were up 39.6 percent, from 859 to 1,199.

Statewide, home sales increased 28.5 percent over previous-year levels in July and median prices increased 14.2 percent to $169,000.

Statewide home sales (including single-family homes and condominiums) in July 2013 totaled 16,012 homes sold, up from 12,461 in July 2012. Illinois total home sales are the highest since August 2006.

The statewide median price in July was $169,000, up 14.2 percent from July 2012 when the median price was $148,000. The median is a typical market price where half the homes sold for more and half sold for less.

“Slight increases in interest rates over the past few months have done little to slow interest in home ownership,” Illinois Association of Realtors President Michael Oldenettel said in a news release. “Buyers are clearly comfortable enough with the way the economy is progressing to make a big purchase, and sellers are getting off the sidelines as they see prices begin to erase losses sustained during the recession.” 

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 4.35 percent in July 2013, up from 4.09 percent during the previous month, according to the Federal Home Loan Mortgage Corp. Last July it averaged 3.54 percent.

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