Chicago Home Sales Come Alive

April 27, 2009
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Chicago Real Estate Recovery

Signs of life in the Chicago real estate market have been felt and this has resulted to some sort of optimism among industry players. Chicago home sales have started to slightly increase while the average prices of homes in the area have also increased compared to the previous months. Re/Max Edge real estate agent Mark Zipperer said it’s like rain coming after a drought—in comparison to his busy schedule of appointments just last week.

Real estate agents have noticed an increase in home sales in the past weeks and this is record validated with Illinois single-family homes and condominiums posting a gain for the second consecutive month.  The statewide average home price also increased for the price since June last year.

Among the suburban counties showing the largest sales increased on a month-over-month basis are Lake County with 65% increase, Kendall County with 51% increase and Cook County with 38% increase. Real estate agents are however not openly rejoicing yet and as Illinois Association of Realtors President Pat Callan said “we are starting up from a very low base.”