The average price of an existing home in the Chicago area hit $116,190 in April, according to Century 21 Northern Illinois.
That price was up 2.3 percent from the $113,526 recorded in April a year ago. The average price in March of this year was $115,194.
The average length of time homes were on the market dropped slightly in April to 42.5 days, compared to 43.1 days in April of last year.
”Consumer confidence is on the way up this year, compared with the Gulf War situation we faced in 1991,” said David Arts, senior vice president of Century 21 Northern Illinois.
Chicago`s South Side and south suburbs posted the largest increases in April, with average home prices going up 25.2 percent to $99,803 in the city and up 12 percent to $90,972 in the suburbs, compared to year-ago levels.
Two areas showed declines. Listing prices on Chicago`s North Side fell 7.5 percent to $129,629, while average selling prices declined 1.9 percent to $125,462.
In the north suburbs, April`s average listing price was $124,872, down 4.8 percent from a year ago, and selling prices declined 3.5 percent to $119,666.
Average selling prices were up 4.4 percent in the northwest suburbs to $130,088 and up 5.1 percent in the west suburbs to $124,483. Prices remained flat in the southwest suburbs at $106,439.
The average number of days that homes were on the market ranged from 59.5 in the north suburbs to 31.2 on the North Side of the city.
