Those selling homes in the Tri-Cities continued to have an easier time finding buyers in February, even as the amount buyers were willing to pay continued to slip.
Last month, home sales in the Tri-Cities and Kane County surged, according to the latest round of home sales data from local associations of real estate agents.
In the Tri-Cities, the number of homes sold increased by 59 percent in February, compared to the same month in 2012.
The MainStreet Organization of Realtors, a trade group representing Chicago area real estate agents, reported that 78 detached single-family homes sold in February in St. Charles, Geneva and Batavia, combined. A year earlier, sellers found buyers for only 49 homes in the Tri-Cities, the MainStreet Organization reported.
Homes sold through foreclosure or short sale, known as distressed properties, remained a large portion of the local housing market, accounting for about 31 percent of all homes sold in the Tri-Cities in February 2013 and February 2012.
And last month, the number of distressed properties sold increased about 60 percent.
However, the number of homes sold “traditionally” in the Tri-Cities also increased by 59 percent, the organization’s numbers revealed.
Countywide, home sales increased about 24 percent in February.
According to data supplied by the Illinois Association of Realtors, 424 homes sold in Kane County last month. That number was up from 342 in February 2012.
Time on the market also decreased, dropping from an average of 98 days until sale in February 2012 to 82 days on the market last month, the IAR reported.
However, the improved sales numbers did not produce similarly significant improvements in home prices.
In Kane County, the median sale price edged up 1.9 percent, from $127,000 a year ago to $129,450 last month.
In the Tri-Cities, however, the average median price of non-distressed single-family homes sold in the three communities dropped 9 percent, to $307,500 in February from $337,833 a year ago.