Home sales in the Chicago area were mixed during April with home values rising as unit sales dipped. Home sales were down by only half a percentage point from April of last year, but the median sale price made a gain of 6.3 percent. The latest figures, reported by RE/MAX, include sales of 10,078 units with a median sales price of $245,000.
The small decline may be due to the low inventory of available homes for sale in the area, said Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois.
“We have worked through a large portion of the supply of foreclosed properties that was such a big part of this market just a few years ago," Kreider said in a statement released by the company. "If you exclude foreclosures from April home sales for this year and last, sales this year were 5 percent higher."
Additionally, RE/MAX points to the continued decline in the amount of time a home spends on the market before selling as an indicator of a strong market. This April, the average was 90 days, down from the 99 days the previous year, and also a decline from the 100 days reported for March 2017.
Although median sale prices rose across the board, the most notable growth was in Will County, where prices gained 12.3 percent. Detached home sales declined just over 1 percent from last April, with a total of 6,287 units sold. Attached homes, which are often apartments or condominiums, rose half a percent from sales last year, with 3,791 units changing hands.
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