Chicago Housing Market Shows Signs of Strength!

There was an increase in home sales in the suburban communities and Chicago neighborhoods in January and February of this year when compared to the same two-month period in 2006. The RE/MAX Northern Illinois regional office released these results based on research from the Multiple Listing Service of Northern Illinois (MLSNI).

114 out of 207 monitored suburban areas revealed equal to or greater sales in January and February 2007 than the first two months of 2006. The suburbs with the most improvement were located in northern Cook County and Lake County, including Libertyville-Green Oaks, Grayslake-Hainesville, Wauconda, Calumet City, Lemont, Huntley and Yorkville.

The city of Chicago reported 32 of 77 neighborhoods with home sales equal to or greater than last year. The biggest gains were reported in the Loop, Kenwood, Logan Square and Uptown.

Additional positive news this February was that average sales prices were up 3% when compared to the same month last year. Unfortunately, the total number of homes sold decreased by 13.3%.

When comparing the months of January and February 2007, the length of market time for homes increased in February. The average amount of days was 135 for detached homes, and 121 days for attached (including condominiums and townhomes).

RE/MAX Northern Illinois Regional Director Jim Merrion reflected that, "The cold weather that set in at the end of January and held on into early March probably has slowed the market a bit for the moment. However, given the geographic broadening of the market that we see occurring, I believe there could be a real improvement in sales activity this spring."

Merrion added that, from a buyer's perspective, the selection of homes available on the market has not been better in years.

In other words, if you are looking to buy, your timing could not be more perfect!