The Illinois housing market saw November median prices rise 6.9 percent over previous-year levels while statewide home sales decreased 9.5 percent for the same period, according to the Illinois Association of REALTORS. Statewide home sales, including single-family homes and condominiums in November 2014 totaled 9,915 homes sold, down 9.5 percent from 10,950 in November 2013. The statewide median price in November was $155,000, up 6.9 percent from November 2013 when the median price was $145,000. The median is a typical market price where half the homes sold for more and half sold for less. “Illinois’ fourth coldest November on record had a negative effect on housing sales,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “While prices continue to improve, the sales forecast for the next three months indicates declines on a monthly and annual basis. Foreclosure sales continue to decline as a share of total sales, which is good news on the one hand but extending the time for return to pre-bubble levels.” 28 of 102 counties in Illinois showed annual home sales increases in November 2014. This was hardly the case in Washington County, as there was only 1 home sold last month, while there had been 6 sold in October, meanwhile there were 3 sold last November. At this time last year a total of 58 homes were sold in Washington County, while it is at 65 as of this past month. 52 counties showed year-over-year median price increases and Washington County saw a huge jump from the 1 home sold last month, as it was for $239,000, while the median price was just $30,000 for October, and it was $34,299 a year ago. The average for the year to date though is at $84,500, up about $750 from the previous month. The average time it takes to sell a home decreased in this area. The home that sold in November took 87 days to sell, while it took 173 days for the homes that sold in October in Washington County. It is averaging 150 days for the year to date in the county.
