The metropolitan Chicago real estate market saw more homes sold and at higher prices in March than in February of this year, according to an analysis by RE/MAX of sales data compiled by Midwest Real Estate Date, LLC. Overall, however, the 2011 housing market still lags behind the brisk pace set during the first six months of 2010 when a federal tax credit helped stimulate sales.
“Compared to February, March sales rose 40 percent to 5,272 units,” reported Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network. “Sales prices also were higher in March, with both the average price and median price up about 5 percent from the February level. Of course, March sales traditionally are stronger than those in February. Over the last six years, the average increase in unit sales from February to March has been 42 percent, so what we experienced this year is fairly typical.”
According to Merrion, the local housing market is tracking close to expectations, and he anticipates even better results ahead.
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