Homes are selling faster and at higher prices in the metropolitan Chicago real estate market in April, according to a recent analysis of market activity by RE/MAX. However, sales of distressed homes, either through foreclosure or short sales, fell off steeply for the month as the housing market continued to work through the foreclosure process.
The median price of all homes sold in Chicago and its surrounding seven-county metropolitan area was $190,000, 9 percent higher than the previous year. Average days on the market dipped from 128 days last year to 101 days in April 2014, the shortest average market time for any spring month since 2006.
RE/MAX found that a 20 percent decline in distressed property sales was a "major factor" in the 9 percent drop in total unit sales as compared to last year. Distressed properties made up 78 percent of the 859 property decline.
"Rising home prices were evident in the three most populated of the metro counties, Cook, DuPage and Lake. The median home sales price rose 14 percent in Lake to $212,000, 10 percent in Cook to $190,000 and 9 percent in DuPage to $233,750. In McHenry County, the median price for April rose 11 percent to $165,000," the company found.
Sales prices for condos and townhomes continued to rise in April, coming in at $170,000. Detached homes also saw a jump, rising 8 percent for the month to $206,000.
The average market time for condos and townhomes was less than 100 days, while the average time on the market for detached homes was 108 days, down from 128 days a year earlier.