The number of homes sold by Century 21 Metropolitan’s 240 offices in the Chicago area increased 13 percent in December compared with the same month a year earlier.
“Considering the strengthening economy and consumer confidence, the rise in residential real estate activity for the Chicago area is not surprising,” said Roger Peake, regional director for Century 21 Metropolitan.
“However,” he added, “what is unusual is the size of the increase.”
He said the uptick in interest rates motivated many potential buyers to invest before rates climb higher.
“As a result, home buying that normally declines through the fall and winter months jumped significantly in December,” Peake said.
The average sales price in the month was $121,940.
The most affordable homes in the Chicago area were located in the south suburbs, where the average home price was $106,051, up 14 percent from $92,906 a year earlier.
Homes with the highest average sales price remained in the northwest suburbs, which recorded a 3.6 percent increase to $146,943 from $141,851 a year earlier.
The average price in the north suburbs was $141,198.
The southwest suburbs posted a significant increase in the number of days that homes remained on the market-64 days. That compares with 42 days in December 1992.
Homes in the north suburbs were on the market the longest-72 days.
The fastest moving homes were on Chicago’s North Side, South Side and the northwest suburbs.
Homes in those areas stayed on the market approximately 49 days.
Century 21 Metropolitan’s offices are in Cook, Lake, McHenry, Du Page, Kane and Will Counties.
