Kane, Kendall home sales jump in 2012
By Steve Lord and Cindy Wojdyla Cain email@example.com January 23, 2013 4:38PM
Home sales rose in the Southland last year.
Updated: February 25, 2013 12:45PM
Home sales in Kane County jumped by 23 percent in 2012, with more than 6,000 homes sold, according to a report from the Illinois Association of Realtors this week.
The Springfield-based statewide organization said Kane County had a total of 6,274 sales in 2012, up 22.9 percent from 5,104 in 2011. While the median sales price decreased a bit, from $145,000 in 2011 to $143,000 in 2012, the average number of days a house was on the market decreased from 104 days in 2011 to 95 days in 2012.
Kane lagged slightly behind the rest of the Chicago PMSA, which defines the Chicago area for federal census purposes, which showed a 26.7 percent increase in home sales in 2012, from 71,315 to 90,365.
The Chicago PMSA includes Chicago, suburban Cook County, and DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.
In Kendall County, the total number of home sales increased 16.8 percent, from 1,610 in 2011 to 1,880, according to the Realtors’ report.
Kendall homes spent only 87 days on the market, down from 104 in 2011. The inventory of homes for sale dropped from 1,119 in December 2011 to 663 last month, a decline of 40.8 percent. But the median price fell slightly in Kendall, from $156,900 in 2011 to $155,000 last year.
In Will County, the number of home sales in 2012 cracked 7,000 for the first time since 2007.
Home sales jumped in Will by 28 percent, from 5,872 in 2011 to 7,515, according to the Realtors report.
Last year, the average Will County home spent 94 days on the market before being sold, down from 103 in 2011.
The only statistic that remained in the red for Will County was the median sales price, which decreased from $160,000 in 2011 to $157,000 last year, a drop of 1.9 percent. The number is much lower than a high of $213,500 reached in 2005 when Will County was one of the fastest growing counties in the nation and a record 11,919 homes were sold.
Statewide, 2012 home sales were up 22.9 percent from the previous year and median home prices increased 0.7 percent.
“Throughout 2012 we saw signs the state’s housing market was recovering,” said Michael Oldenettel, president of the Illinois Association of Realtors. “When you look at where we were in January 2012 versus where we ended up in December, you have to be impressed with the market’s resilience.”
Geoffrey Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois, said representatives in Springfield and Washington, D.C., need to resolve fiscal challenges to keep the momentum going.
“Declining consumer confidence reflects the uncertainties; consumers are unlikely to explore major purchases, especially of houses, when tax rates, mortgage interest deductions and pension obligations remain unresolved.”