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Health of housing market improved in March

Published: Wednesday, April 24, 2013 5:30 a.m. CDT

The local housing market showed signs of continuing a resurgence last month, as more sellers found buyers and more buyers were willing to pay a bit more.

In March, home sale activity in the Tri-Cities and Kane County jumped for yet another month, according to the latest round of home sales data from local real estate agent associations.

In the Tri-Cities, a total of 96 homes sold in St. Charles, Geneva and Batavia, combined, last month, marking an increase of about 14 percent compared to the same month in 2012.

The MainStreet Organization of Realtors, a trade group representing Chicago area real estate agents, reported that 84 homes sold in March 2012.

The March 2013 numbers also represent a 39 percent increase in home sale activity in the Tri-Cities compared to March 2011, when only 69 homes sold in the three communities, combined.

The market in the Tri-Cities showed signs of improving health, as well, as the number of homes sold through foreclosure and short sale decreased and the prices of homes sold generally increased.

Homes sold at foreclosure or short sale, known as distressed properties, accounted for 23 percent of the homes sold in the Tri-Cities in March.

A year earlier, distressed properties claimed 44 percent of all sales.

At the same time, the number of distressed properties declined 40 percent, while the number of homes sold “traditionally” in the Tri-Cities increased about 40 percent, as well.

The median sale price for homes sold in the Tri-Cities also increased in March, the MainStreet Organization reported.

An average of the median sale price in each of the three communities increased 2.3 percent last month, rising from $341,167 in March 2012 to $349,178 last month.

In Kane County overall, home sale activity increased 5.4 percent, rising from 501 homes sold in March 2012 to 528 homes sold last month, according to information supplied by the Illinois Association of Realtors.

And the median sale price countywide also increased, rising from $140,000 a year ago to $149,000 in March.

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