Sales reported for existing homes in Chicago are revealed to record their sixth consecutive month of year-over-year improvement in February.

For every 10 single-family homes and condominiums sold within the city last month, four were revealed as distressed properties.

The data from the Illinois Association of Realtors reveals that in the past six months, the median sales price in Chicago registered a plunge of 21.6 percent, landing at $176,500 in February compared to $225,000 in September.

Moreover, the median sales price reported for the net Chicago area slipped by 17 percent, to $165,000 in last month from $199,000 in September.

Meanwhile, the Illinois Association of Realtors claimed Monday that Chicago witnessed its February sales of existing single-family homes and condos to jump by 32 percent last month contrasted with the same month a year ago.

"If you're in the traditional market, the reality you have to deal with right now is, distressed properties are your competition", said Dave Hanna, managing partner of SourceOne Realty. "People are out there seeing distressed property right now that's in move-in condition, great condition".