The inventory of homes available for sale in the Chicago area continued to be whittled down in January but prices were relatively flat from a year ago.
The Illinois Association of Realtors said Thursday that 6,244 existing single-family homes and condos were sold in the nine-county Chicago area last month, a 36.8 percent year-over-year gain. The median price of a home sold last month was $141,000, up 0.7 percent from $140,000 in January 2012.
Pricing gains were more impressive within the city of Chicago, where the median price of a home sold last month was $159,000, up 7.4 percent from a year ago. Condos fared even better, as the median price rose 8.7 percent from last year, to $202,500 in January.
The number of homes sold in Chicago last month rose 32.2 percent from its year-ago pace, to 1,485 properties sold.
Lack of inventory remains an issue and is leading to quicker sales. Within the city, for example, the number of properties listed for sale last month was down 41.6 percent from a year ago. As a result, it took an average of 78 days to sell a Chicago home last month. A year ago in January, it took an average of 89 days.
For the entire Chicago area, inventory was down almost 37 percent and market time decreased 16 percent from a year ago.
"Foreclosures continue to dampen price gains and reduce inventory levels as prospective sellers are wary of the effect these properties have on their own prospects," said Geoffrey J.D. Hewings, a University of Illinois economist, in a statement.
mepodmolik@tribune.com | Twitter @mepodmolik
Chicago home sales up 32% from last year
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Chicago home sales up 32% from last year
