Chicago Home Sales Heading Toward Recovery
Chicago metro home sales are looking better than ever, according to a recent report from RE/MAX.
In the seven-county Chicago metro area, there were 89,039 total home sales in 2012, a 27 percent increase from 2011. This is the largest total number of transactions the area has seen since 2007, when there was a total of 92,328 sales. Average market time for real estate in Chicago is also improving, with an average listing time of 138 days this year compared to 171 days in 2011.
The county breakdown for 2012 home sales is as follows:
- Cook County- 50,689 sales
- DuPage County-10,508 sales
- Kane County-6,284 sales
- Kendall County- ,879 sales
- Lake County-8,334 sales
- McHenry County-3,826 sales
- Will County-7,519 sales
McHenry County saw the greatest increase in year-over-year home sales, with a 29 percent increase from 2011, while Will County saw the second largest increase with a 27 percent increase from 2011.
One of the biggest surprises of the RE/MAX findings is that fourth quarter home sales, or home sales that take place between October and December, increased by 34 percent from 2011. Since late fall and early winter is traditionally one of the slowest times for home sales, this is a sign that the market is certainly heading in a good direction.
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