September traditionally marks the beginning of the fall season when home sales begin their retreat from summer highs. This September, however, delivered the most promising results that Kane County and the entire the seven-county metropolitan Chicago real estate market have seen in several years, according to an analysis by RE/MAX.
Sales of detached and attached homes in September totaled 7,396 units, an increase of 22 percent from September 2011 and the most homes sold in any September since 2006.
The average number of days that homes sold in September were on the market before a sales contract was signed declined from 167 days a year ago to 139 days this September. That 139-day average was identical to the market time recorded in August and is the shortest market time for the metro area in any month since December 2007.
For the third consecutive month, the percentage of sales involving distressed properties (foreclosed homes and short sales) climbed in September. Distressed sales accounted for 40.6 percent of all sales, up from 37.5 percent in August and 40 percent in September, 2011.
“We continue to see good news in the Chicagoland housing market,” said Laura Ortoleva, media spokesperson for the RE/MAX Northern Illinois real estate network. “Sales are up, average days on the market continue to drop and home prices are stabilizing. These are trends everyone likes to see.”
Ortoleva also noted that the active inventory of homes for sale in the seven-county Chicago metro market plus DeKalb and Grundy counties continues to shrink. Total residential inventory fell nearly 3 percent last month to slightly more than 46,000 units and is down 21 percent over the last 12 months.
In each of the seven metro counties, combined sales of detached and attached homes rose in September compared to the same month last year, with the biggest gain, 46 percent, recorded in Kendall County.
Sales in Kane County rose 27 percent.
Cook County saw a 23 percent increase. Lake County sales climbed 22 percent. Sales rose 20 percent in McHenry County, 18 percent in Will County and 13 percent in DuPage County. In Chicago, home sales climbed 21 percent.
The median price of a home in the metro Chicago area continued to show stability in September. The median price dipped just 0.7 percent to $160,000 from $161,195 in September 2011. In four of the seven counties the median price rose, gaining 2.6 percent in DuPage, 2.3 percent in Kane, 6 percent in Kendall and 6.5 percent inLake. The three other counties, Cook, McHenry and Will, saw the median price fall 1.6 percent, 0.3 percent and 1 percent, respectively.
The sharpest reductions in market time were in Kendall and Lake counties, where average market time fell 39 days and 38 days, respectively. The number was 28 days in Kane County.
The RE/MAX analysis is based on transaction date compiled by Midwest Real Estate Data, LLC, the regional multiple listing service.
The median price of attached homes were down 1 percent in Kane County.
Median prices rose in Kendall (up 19 percent), McHenry (up 1 percent) and Will (up 2 percent) and fill in Cook (down 0.2 percent), DuPage (down 10 percent) and Lake (down 8 percent).