Wednesday, August 19, 2015

RE/MAX Reports Strong 2015 Sales Growth Across Its Northern Illinois Real Estate Network; Sales Top $1 Billion for 2nd Consecutive Month

CHICAGO, Aug. 19, 2015 – The RE/MAX Northern Illinois real estate network reports that sales made by its more than 2,250 brokers exceed $1 billion in July for the second consecutive month, the first time that has happened since 2007.

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.

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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.

Tuesday, August 4, 2015

RE/MAX Luxury Report on Metro Chicago Real Estate: Changing Market for Million-Plus Homes Evident in April-June Sales Results

CHICAGO, Aug. 3, 2015 – The market for homes selling at a million dollars or more in the metropolitan Chicago area is showing signs of geographical expansion even as sales activity rose to a new post-Great Recession high for the second quarter of the year. The quarterly RE/MAX Luxury Report on Metro Chicago Real Estate pegged second quarter luxury sales at 737 units, 20 percent more than during the same period last year and the most second-quarter sales since RE/MAX began tracking luxury market data in 2009.

The median sales price for homes selling for a million or more was $1,350,000 during the second quarter, unchanged from the 2014 results. The RE/MAX report is a quarterly analysis of $1-million-plus home sales in Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties.

While prices in the luxury segment were fairly stable, the geography of the luxury home market showed signs of expansion.

In Chicago, the Near South Side recorded 13 sales of luxury attached homes for the quarter and has had 20 this year, a sharp contrast with the single luxury transaction in the area during the first half of 2011 and 2012 and five in 2013.

Luxury detached sales in the city’s Lincoln Square area more than doubled to 14 so far this year, including nine in the second quarter. That compares to six luxury sales during the first six months of 2014 and four or fewer during the first half of the three previous years.

Change also seems to be occurring in the suburbs where million-plus sales are becoming more common in Naperville. That suburb had 19 luxury sales in the first half of this year, including 14 in the second quarter, giving it more luxury activity than such traditional luxury markets as Barrington and Highland Park.

“Given the strengthening economy and strong demand we are seeing for luxury properties, it’s not surprising that more areas are attracting significant numbers of buyers ready to spend $1 million or more,” said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network.

Overall, there were 401 luxury home sales during the second quarter in the suburban portions of the metro area, a 15 percent increase over the same period last year. The median sales price was $1,280,000, down slightly from $1,315,000 a year earlier, while the average market time was 153 days, up from 139 last year.

Winnetka remained the most active suburban market for luxury homes, with 51 second-quarter sales at a median price of $1,550,000, and Hinsdale followed with 40 sales at a median price of $1,377,750. Tied for third in sales activity with 34 sales during the quarter were Lake Forest, with a median price of $1,337,500, and Wilmette, where the median price was $1,252,500.

Chicago recorded 336 luxury sales for the quarter, 25 percent more than a year earlier. There were 185 detached sales with a median price of $1,450,000, and 151 attached sales at a median of $1,400,000. Detached sales were up 38 percent; attached sales rose 13 percent.

The average market time for luxury city homes during the second quarter was just 106 days for detached properties and 113 days for attached properties.

The most active luxury detached market in the city was North Center, which for the first time topped Lincoln Park in closed transactions with 44 at a median price of $1,350,000. Lincoln Park had 43 sales during the quarter at a median price of $1,725,000.

The Near North Side remained the dominant market for luxury attached sales, with 90 transactions closing at a median price of $1,416,000.

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 2,200+ 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.

Tuesday, July 28, 2015

RE/MAX Premier Properties Spurs Growth by Acquiring Brokerage Operations of Luxe Marketing & Sales

CHICAGO, July 27, 2015 -- RE/MAX Premier Properties has announced that it has acquired the real estate brokerage operation of Luxe Marketing & Sales. The acquisition will add Jenny Sepulveda and her 15 brokers to the sales team at RE/MAX Premier Properties, located at 1205 N. Dearborn Pkwy., Chicago, bringing the total sales team to 88 brokers.

The Luxe marketing, brand building and event planning business, in Chicago’s Bucktown area, will remain open after the real estate operations are transferred to RE/MAX Premier Properties.

“Luxe will closely cooperate with us and use those promotional skills to assist with the marketing of individual properties and real estate developments,” said Janice Corley, broker/owner of RE/MAX Premier Properties. “That will add an extremely valuable skill set to our operations. Especially in the world of luxury real estate, where we do a significant amount of business, brand building and event marketing have become increasingly vital elements.”

Corley and Sepulveda first worked together a decade ago at previous real estate office owned by Corley, when Sepulveda worked as her assistant manager. They are excited at the prospect of teaming up again.

“This is a great fit for both my brokers and me,” said Sepulveda. “RE/MAX is an outstanding brand and will offer us the tools and contacts of a worldwide network, something we value because we have represented many international buyers interested in Chicago properties. Plus, RE/MAX Premier Properties delivers an outstanding combination of top-notch training and day-to-day management.”

According to Corley, adding the Luxe brokerage operations is just part of an aggressive plan for growth this year.

“We started RE/MAX Premier Properties with 17 agents in June 2011. This year we expect annual sales volume of $250 million and hope to have 150 agents affiliated with our office by year’s end,” Corley said.

She noted that rapid expansion is made easier these days by the fact that it is not limited by office space needs in the same way it was just few years ago.

“In today’s digital business environment, brokers are extremely mobile and most prefer working from home offices. Our office is primarily a training and meeting facility, but because it is in such a great location, near a busy corner in the heart of the Gold Coast, we get a steady stream of walk-in business, which is a bonus we didn’t entirely anticipate but one that our brokers certainly appreciate,” Corley said.

She is building the business with an emphasis on strong productivity per agent.

“The days when 20 percent of the agents generated 80 percent of the business are past,” she noted. “Our Gold Coast location underscores our skill with luxury properties but that is not all we do. Our brokers have a wide range of experience and handle real estate needs of every type across the metropolitan area.”

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 2,200+ 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.

Friday, July 24, 2015

RE/MAX Northern Illinois June Sales Top $1 Billion, Best Monthly Sales Numbers Since 2007

CHICAGO, July 24, 2015 – Rivaling numbers not seen since the pre-recession era, RE/MAX Northern Illinois reports that in June 2015 it posted its highest monthly closed-sales-volume numbers for the region since 2007. June ended with over $1.06 billion sold, marking the first time monthly sales eclipsed the 10-figure mark in eight years.

On track to be one of its best overall years in the last decade for both closed sales volume and closed transactions, RE/MAX Northern Illinois reports that 2015 is pacing 15 percent ahead of 2014’s sales figures, an improvement of nearly half a billion dollars in closed sales volume. The year to date has also seen RE/MAX Northern Illinois post a 17.5 percent increase in completed transactions.

“The continued strengthening of the market across northern Illinois is benefiting both buyers and sellers,” said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network. “Home values have increased, and mortgage rates have remained low, allowing both parties to take advantage of the current market conditions.”

In reaching the billion-dollar mark for June, the RE/MAX Northern Illinois network completed 700 more transactions than in June 2014, closing a total of 4,694 transactions for the month.

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 2,200+ 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.

RE/MAX Northern Illinois Brokers Top All Competitors in the “America’s Best” Ranking of Illinois Real Estate Professionals



CHICAGO, July 23, 2015RE/MAX associates in northern Illinois were once again the most widely recognized among Illinois real estate brokers in the 2015 “America’s Best Real Estate Agents” rankings compiled by REAL Trends, a leading real estate industry publication. The latest edition of the “America’s Best” list was published this month.

RE/MAX individual brokers and sales teams in northern Illinois held 129 of the 563 spots in the Illinois rankings, or 23 percent of the total. RE/MAX brokers in other areas of the state captured 38 spots, bringing the RE/MAX total to 167 or 30 percent. That is a higher percentage than those affiliated with any other real estate brokerage organization. A complete list of the northern Illinois RE/MAX brokers and teams in the “America’s Best” rankings is available at http://rem.ax/1SEZfEW.

In its America’s Best coverage, REAL Trends recognized individual brokers and sales teams separately, both by the number of transactions they closed in 2014 and the dollar volume of those completed sales. The Illinois rankings for closed transactions included only those teams that closed 75 or more transactions or at least $30 million in sales volume. For individuals, those who made the rankings closed 50 or more transactions or at least $20 million in sales.

Seven individual RE/MAX brokers and 11 RE/MAX teams from northern Illinois qualified in both the transaction and sales volume rankings.

“To those who earned recognition as ranking among ‘America’s Best Real Estate Agents,’ we extend our warm congratulations on their achievement,” said Brian Reagan, president of RE/MAX Northern Illinois. “Customer satisfaction is the foundation on which success in real estate sales is achieved, and these brokers and teams exemplify the RE/MAX commitment to putting customers first.”  

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 2,200+ 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. 

Monday, July 20, 2015

Strong First-Half Results Boost Home Sales in Metro Chicago Real Estate Market to Highest Level since Great Recession, RE/MAX Reports

CHICAGO, July 20, 2015 – First-half home sales activity in the seven-county metropolitan Chicago real estate market this year rebounded to pre-Great Recession levels. Total sales reached 52,239 units, the most since 2006 and 9 percent higher than during the first half of 2014, according to RE/MAX.

Home values also continued rising. The median sales price of a home in the metro area climbed 11 percent during the first half of 2015 when compared to the same period in 2014, coming in at $210,222. That is the highest median sales price recorded for the period since 2008. The average time required to sell a home was 100 days, two days longer than in 2014.

“We’re seeing a much more robust housing market this year than in 2014 and even 2013,” said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network.  “A combination of factors is at work – mortgage interest rates remain low, the economy is adding jobs at an encouraging rate and there’s a larger inventory of homes for sale. Also contributing to the improved market has been the steady increase in home values over the last few years. That has reduced the number of so-called underwater homes, where the property is worth less than the mortgage balance, and it has allowed many owners eager to relocate to do so.”

Another reflection of the healthier housing market is the continued reduction in the number of distressed properties, primarily short sales and foreclosures, being sold.  “Distressed homes accounted for 44 percent of all sales during the first six months of 2011. This year, the distressed share of the market was down to 24.5 percent,” Merrion noted.

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. Detached homes are typically stand-alone single-family dwellings. Attached homes include condominium and cooperative apartments along with townhouses and duplex units. 

 
METRO CHICAGO REAL ESTATE MARKET HOME SALES
JAN.-JUNE 2015 VS. JAN.-JUNE 2014










2015

2015

2015



Total
%
Detached
%
Attached
%


Sales
Change
Sales
Change
Sales
Change








Metro

52,239
+9%
33,136
+12%
19,103
+4%
Cook

29,053
+7%
15,595
+10%
13,458
+5%
DuPage

6,453
+10%
4,282
   +15%
2,171
+2%
Kane

3,472
+6%
2,781
+8%
691
-1%
Kendall

1,086
+13%
831
+18%
255
-1%
Lake

4,793
+6%
3,729
+8%
1,064
+3%
McHenry

2,393
+12.5%
1,955
+16%
438
NC
Will

4,989
+16.5%
3,963
+19%
1,026
+7%
Chicago

13,328
+9%
4,946
+9%
8,382
+9%























All seven counties recorded first-half increases in both home sales activity and the median home sales price when compare to last year.

Sales activity increased most noticeably in Will and Kendall counties, where the gains were 16.5 percent and 13 percent respectively. Gains for the five other counties were 7 percent in Cook, 10 percent in DuPage, 6 percent in Kane and Lake and 12.5 percent in McHenry.

The largest rise in median sales price occurred in Kane County, which registered a 16 percent increase to $199,436.  Results for the other counties were as follows:  Cook gained 14 percent to $216,000; DuPage gained 5 percent to $245,000; Kendall gained 8 percent to $195,000; Lake gained 7.5 percent to $215,000; McHenry gained 8 percent to $175,000 and Will gained 7 percent to $182,000. 

The City of Chicago, which accounted for 25 percent of all first-half home sales in the metro area, saw sales activity rise 9 percent to 13,328 units and its median sales price climb 10 percent to $267,000.

First-half sales of detached homes across the metro area rose 12 percent to 33,136 units, and sales of attached homes gained 4 percent to 19,103 units.

The median sales price of detached homes in the metro area was up 8 percent to $225,000, while for attached homes the median gained 12 percent to $182,500.

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 2,200+ 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.