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Local real estate market picking up : News : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, Illinois
Local real estate market picking up
Homes sales increase; median sale price also rose

by Matt Schury


If the numbers hold, 2013 could be a better year for homes sales and prices in Kendall County than last year.

According to the latest report from the Illinois Association of Realtors, home sales during the first 10 months of 2013 rose 26.2 percent compared to the same time period last year. Between January and October of this year 1,924 homes were sold in Kendall County compared to 1,524 sales in 2012. Additionally the median price ticked up 6.8 percent from $155,000 last year to $165,500 this year.

Home sales were also up 13 percent from October a year ago but median prices were down 2.1 percent, according to the IAR.

The median price for a home in Kendall County in October was $160,000 this year compared to $163,500 during the same time last year.

Despite the drop in price in October, other real estate numbers seemed to be going in the right direction. The inventory of homes in October fell 28.3 percent from last year. Last October, 976 homes were for sale compared to 700 this year. Days on the market also shrunk in October from 67 days last year to 61 this year. Year to date in 2013, a home spent 72 days on the market, an 18.2 percent decline from last year.

"Lower inventory options continue to raise pricing in the city as motivated, qualified buyers look to make their move as lower interest rates afford more value for their investment," said Matt Farrell, president of the Chicago Association of Realtors. "As the market continues to correct itself, buyers will appreciate increased value on their long-term investment. Absorption of distressed properties being rehabbed and resold will also continue to add value to the communities they are in."

Statewide, the report shows 12,349 home sales in October, an increase of 3.7 percent over previous-year levels; the median price also rose 13.8 percent to $153,000.

"While the partial government shutdown has certainly had a profound negative effect on the housing market's continuing recovery, sales and prices are forecast to return to more robust growth rates over the next three months," Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois notes in a press release from the IAR.

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