Real Estate News
Illinois third-quarter real estate sales rise
Condo prices nearly outpace single-family home values
The Illinois condominium market reported 16,916 units sold in the third quarter of 2005, a 10.3 percent increase over 2004 figures of 15,336 units sold for the same period. The statewide median price for condos increased 8 percent to $208,200, compared with $192,775 in the third quarter of 2004.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), sales of single-family homes were up 0.6 percent in the third quarter to 23,571, compared with 23,427 home sales in 2004. The median price of single-family homes sold in the Chicagoland PMSA increased 10 percent to $275,000 in the third quarter of 2005, compared with $250,000 in the same period one year ago. The Chicagoland PMSA includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.
The Chicago PMSA saw a 10.1 percent increase in condominium sales in the third quarter of 2005 to 16,246 units sold, from 14,749 in 2004. For the Chicagoland area, the median condo price rose 9 percent in the third quarter of 2005 to $213,000, compared with $195,500 in 2004.