The RE/MAX network saw its closed sales volume for July rise 18 percent from the comparable total for the same month last year. Transactions closed by RE/MAX brokers in northern Illinois are up 24 percent through the first seven months of this year, a much faster rate of sales growth than in the regional housing market as a whole. In the seven-county Chicago metro area, for example, the number of homes sold rose 9 percent for the January-July period.
“This year our network has benefited from the fact that the housing recovery is making itself felt strongly across the state and from our ability to provide our brokers, as well as buyers and sellers, an unsurpassed array of digital tools, including the latest in mobile applications,” said Jim Merrion, regional director of RE/MAX Northern Illinois.
According to Merrion, the regional housing market is moving to a more balanced position compared to 2013 and 2014, “when sellers definitely had the upper hand.” He noted, however, that there are segments of the market, in Chicago and some suburbs, where demand for homes is so strong that buyers can find home shopping a challenge and have to move quickly once they do find a home.
Overall, however, Merrion sees an improved environment for buyers, thanks to a more-than-three-month supply of homes on the market. At the same time, the average number of days needed to sell a home has stabilized after declining by nearly 50 percent from 2012 to 2014 in the seven-county metro area.
“The modest increase we’ve seen recently in mortgage interest rates hasn’t hurt the housing market because by any historic standard, the rates remain a bargain and there is ample funding available,” Merrion noted. “Plus the economy seems to be improving at a steady pace with consistent employment growth, all of which helps households feel more confident about a home purchase.”
RE/MAX agents consistently rank among the most productive in the industry. In the United States, RE/MAX agents averaged 15.6 years of real estate experience and 16.0 transaction sides in 2014. RE/MAX has been the leader in the northern Illinois real estate market since 1989 and is continually growing. The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of more than 2,250 sales associates and 105 independently owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services. Its mobile real estate app, available for download at www.illinoisproperty.com, provides comprehensive information about residential and commercial property for sale in the region. The northern Illinois network is part of RE/MAX, a global real estate organization with 100,000+ sales associates in 90+ nations.
The home sales data used in the RE/MAX analysis is collected by MRED, the regional multiple listing service and covers detached and attached homes in the Illinois counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will.