DOWNTOWN — Fewer homes for sale in the city in May meant faster sales at higher prices in comparison to a year ago, according to a report released Monday.
The median single family home selling price in Chicago in May of 2014 was $183,000, up 12.3 percent compared to May of 2013. Condos were up 13 percent, with the median sales price hitting $310,000.
Homes in the city sold on average in 50 days in May of 2014, some 7.4 percent faster than in May of 2013, according to the report by the Illinois Association of Realtors.
The city of Chicago had 2,390 sales in May of 2014, down from 2,834 in May of 2013. There are fewer homes on the market in the city — 9,028, or about 8.4 percent less.
"Median home prices continue to rise as buyers in the spring market seek out their new home from the little inventory on the market, and make their best and strongest offer," said Matt Farrell, president of the Chicago Association of Realtors and managing partner of Urban Real Estate.
In a statement, Farrel described homeowners looking at homes with an eye toward upgrading the house later rather than waiting for their "dream home."
"They are looking for location, space and the potential a property ultimately has," Farrell said.
In the greater Chicago area, the situation was similar with fewer homes on the market, faster selling times and increased prices for homes that did sell.
In the Chicago area, the single family median price was $222,000 in May, up 10.3 percent from May of 2013. Condos were up 18 percent at $177,000.
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