Total home sales in the seven-county metro Chicago region in May totaled 12,186 units, down -1.2% from the same month last year, while the median sales price gained +2.8% to $256,000, RE/MAX reports. The May median price is the highest for any month since June 2008 and the highest for any May since RE/MAX began tracking that data in 2005.
The period between when a home is listed and when it goes under contract fell -8% to 71 days, down from 77 days last year.
“Broadly speaking, the housing market was treading water in the Chicago area during May, but because there is a shortage of entry-level and moderately priced homes, it’s really a tale of two markets,” observed Jeff LaGrange, vice president of the RE/MAX Northern Illinois Region.
He explained that among all price categories under $550,000, the current inventory of homes for sale equals a supply of four months or less based on the pace of May sales. Sales in those categories fell 314 units, compared to May of last year, a -2.4% decline. In contrast, the number of homes selling for $550,000 and above increased by 60 units, or +4.7%, while inventory in those categories now range from a 5.1-month supply to as high as a 25-month supply.
“Clearly, we have a much more balanced market above $550,000, while below that price point, the lack of inventory is a significant factor,” LaGrange said.
May home sales rose in three counties, Kane, McHenry and Will, with Kane registering the largest gain at +1.7%. Sales were down in the other four counties, led by a drop of -19.9% in Kendall, which tends to exhibit high volatility because it has far fewer sales than other metro counties. Sales in Cook, the sales volume leader, were off just -0.2%, which included a +0.1% increase in Chicago.
The median sales price rose in all seven counties, led by gains of +7% in Will, +5.6% in Kendall and +5.1% in Kane. Cookregistered a minimal gain of +0.8%, with the Chicago median price falling -0.6%.
Detached-home sales for May totaled 7,604 units in the metro area, a -0.7% decline from May of last year. The median sales price rose +3.3% to $276,750, and average market time dropped to 81 days from 90 days a year earlier.
Sales activity increased in Cook, Kane, Lake and Will counties, with Will the leader at +4.6%. Sales were off -17.6% in Kendall, -6.8% in DuPage and -2.2% in McHenry. Chicago had the largest increase, gaining +5.2%. Prices rose in all seven counties led by gains of +6.7% in Kendall and +6.3% in Will. In Chicago, the median fell -2%.
A total of 4,582 attached homes sold in the metro area during May, -2% less than in the same month last year. Only two counties recorded gains for the month, with McHenry up +11.7% to 124 units and Kane up +1.8% to 217 units. Cook County, which accounted for 68.8% of all attached sales, saw its total fall -0.7% to 3,151 units, with Chicago down -2.6% to 1,907 units.
The median sales price for attached homes rose in all counties except Cook, where it slipped -0.4%. The largest increases were +14% in Kendall, +10.9% in Will and +10.3% in McHenry. Average market times were all 60 days or less, including 21 days in Kendall, 36 days in DuPage and 41 days in Will.
