Chicago Real Estate Sales Showed Vitality In Some Areas During First Half Of 2008

Chicago real estate sales finished the first half of 2008 much as they ended the year’s first quarter. Sales in both periods declined 29.2 percent from the level of transactions recorded during the same periods in 2007. Slightly more than 34,000 homes changed hands during the period, compared to roughly 48,000 during the first six months of last year.

Transaction data is supplied by Midwest Real Estate Data, LLC, (MRED) and analyzed by RE/MAX Northern Illinois. The Chicago-area data includes Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties.

In Chicago, the Loop and Near South Side areas outperformed 2007 in terms of homes sold. Both saw a considerable increase in units changing hands. In the Loop, 567 units closed during the first half of the year, a 52 percent gain from the comparable period last year. On the same basis, the Near South Side recorded a 58 percent rise in sales, with 680 transactions completed.

Farther south, a number of other Chicago real estate neighborhoods also registered gains either for the six-month period or the second quarter. The best examples were the Douglas neighborhood along the south lakefront, where first-half sales of 73 units translated into a 14 percent gain, and West Englewood, which experienced a 13 percent increase on 108 sales.

Other South Side neighborhoods that saw sales increase on a year-over-year basis during the second quarter were Roseland, West Pullman, Riverdale, and Auburn Gresham. Only one other city neighborhood, West Garfield Park on the West Side, saw sales increase during the April-June period.

Overall, 11,044 homes were sold in Chicago during the first six months of year, while a year earlier, 14,685 transactions were closed, a decline of 25 percent.
“The city is still outperforming the suburbs in terms of maintaining its transaction volume during the current housing market contraction,” said Jim Merrion, regional director of RE/MAX Northern Illinois.

Detached homes, which are primarily single-family homes, and attached homes, which include townhouses and condominiums, performed about equally in the city for the first half of 2008, with both segments seeing sales fall 25 percent from the same period a year earlier.

In the suburbs, only a dozen market areas enjoyed stronger sales in the first half of 2008 than in the first half of 2007.

The best performers were Western Springs where sales jumped 33 percent, with 77 homes changing hands, and Merrionette Park, where 19 homes were sold, representing a 111 percent gain. Other areas where transaction numbers rose were Burnham, Ford Heights, Fox River Grove, Kaneville, Mettawa, Orland Hills, Palos Heights, Robbins, Solon Mills and Union.

Looking at the suburbs more broadly, sales fell least in McHenry County, down 26.4 percent from the same six-month period last year. Kendall County sales were off 27.2 percent, a slightly better result than DuPage County (down 28.5 percent) and Will County (down 30.7 percent). Cook County experienced a decline of 28.7 percent, while sales in Lake County dropped 30.2 percent. The largest fall off in sales was 34.3 percent in Kane County.

“The pace of sales seems to have slowed a bit more in the second quarter if you look closely at the numbers, but we were also seeing some improvements,” said Merrion. “In Will and DuPage counties, sales were off less in the second quarter than in the first quarter, and Kendall County held steady, but the four other counties saw a steeper decline in the recent quarter. Right now, the problems being experienced by mortgage lenders are generating a pretty stiff headwind for buyers unless they have a strong credit rating. If we can get beyond that problem, the housing market should begin recovering.”

Merrion also noted that a good deal of the current activity in housing sales is focused on properties in foreclosure.

“With foreclosures, many of the buyers are investors, and a majority of them are buying with the idea that, if they get the home at a great price, they can fix it up and resell it for a profit. As a result, the homes they purchase don’t stay off the market for long because the investors attempt to resell them as soon as the repairs are complete.

“That is one reason that inventories of homes for sale are so high in some areas. The same phenomenon also may be putting downward pressure on home prices, and it is almost certainly slowing a housing recovery,” he said. “At the same time, the quick resale of such properties may be the only realistic way to deal with the backlog of homes in foreclosure.”

Sterling, Viola, Morris, Geneseo, Aledo, Oregon And Dixon, Rockford Realtors® Earn Spots In RE/MAX Top 10 For First Half Sales

James Cesarek of RE/MAX Sauk Valley in Sterling, Ill., captured top sales honors among RE/MAX agents in northern Illinois outside the Chicago metropolitan area during the first half of 2008. Cesarek ranked second at the end of the first quarter.

The agents in this quarterly ranking are based in the Illinois counties of Boone, Bureau, Carroll, DeKalb, Grundy, Henry, Jo Daviess, Lee, Mercer, Ogle, Rock Island, Stephenson, Whiteside and Winnebago.

The ranking reflects the sales performance of both individual agents and sales teams. Teams involve the efforts of two or more licensed individuals. Rankings are based on commissions earned.

The Top 10 Non-Chicago real estate agents and teams for the January-June period this year are:

1. James Cesarek (team), RE/MAX Sauk Valley, Sterling;
2. Robert Nieman (team), RE/MAX Property Source, Rockford, Ill.;
3. Sharon Esslinger, RE/MAX Country Crossroads, Viola, Ill.;
4. Tina Eisler, RE/MAX Property Source, Rockford;
5. Vicki Geiger (team), RE/MAX Top Properties, Morris, Ill.;
6. Jean Pritchard, RE/MAX Hometown Advantage, Geneseo, Ill.;
7. Starr Zook, RE/MAX On Track, Aledo, Ill.;
8. Carla Benesh (team), RE/MAX of Rock Valley, Oregon, Ill.;
9. Susie Van Osten, RE/MAX Homes Unlimited Dixon, Dixon, Ill.;
10. John Rosengren (team), RE/MAX Sauk Valley, Sterling.

“The members of our non-metro Top 10 are proven performers who deliver top quality service to clients,” said Jim Merrion, regional director of RE/MAX Northern Illinois, leaders in the Chicago real estate market. “It is the skill and dedication of these and many other agents that keep RE/MAX the real estate leader in our region and in the world.”

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RE/MAX Leads In Elgin Illinois Home Sales

RE/MAX Chicago Realtors® increased their market-share leadership in the Elgin area home sales market during the first half of 2008 based on sales data available through Midwest Real Estate Data, LLC (MRED). RE/MAX agents listed 30.9 percent of all homes sold in the area, up from 29.8 percent during the first six months of 2007.

Home sales reported by MRED totaled 1,203 in the Elgin area during the first six months of 2008. That is 34.9 percent fewer sales than were reported for the same period last year (search all homes for sale in Elgin).

The Elgin market includes the communities of Burlington, Carpentersville, East Dundee, Elgin, Genoa, Gilberts, Hampshire, Hanover Park, Lake Marion, Pingree Grove, Plato, Sleepy Hollow, South Elgin, Streamwood and West Dundee.

The top five real estate organizations in the Elgin area during the first half of 2008, in terms of sold listings, were RE/MAX with 372 (30.9 percent), Coldwell Banker with 132 (11 percent), Century 21 with 88 (7.3 percent), Baird & Warner with 60 (5 percent) and Starck & Company with 55 (4.6 percent). Data maintained by MRED may not reflect all real estate activity in a specific market area.

In the Elgin area, no one helped more buyers purchase homes than RE/MAX. During the first half of 2008, RE/MAX agents represented buyers who purchased 27.8 percent of all listed homes sold, topping Century 21 (11.6 percent), Coldwell Banker (7.5 percent), Baird & Warner (7.4 percent) and Starck & Company (4.3 percent).

During the first six months of this year, RE/MAX remained the Chicago real estate leader, listing 19.8 percent of all residences sold. Since 1989, RE/MAX has ranked number one in the Chicago metropolitan home sales market based on listings sold.

MRED data for the first half of 2008 also reveals that RE/MAX listed 26.1 percent of all homes sold in the Chicago suburbs.

RE/MAX Leads In DuPage County Real Estate Market

RE/MAX Chicago Realtors® increased their market-share leadership in the DuPage County real estate market during the first half of 2008 based on sales data available through Midwest Real Estate Data, LLC (MRED). RE/MAX agents listed 27.5 percent of all homes sold in the county, up from 27.1 percent during the first six months of 2007.

Home sales reported by MRED totaled 3,980 in DuPage County during the first six months of 2008. That is 28.5 percent fewer sales than were reported for the same period last year.

The top five real estate organizations in DuPage County during the first half of 2008, in terms of listings sold, were RE/MAX with 1,094 (27.5 percent), Coldwell Banker with 577 (14.5 percent), Baird & Warner with 245 (6.2 percent), Prudential with 169 (4.2 percent) and Century 21 with 168 (4.2 percent). Data maintained by MRED may not reflect all real estate activity in a specific market area.

In DuPage County, no one helped more buyers purchase homes than RE/MAX. During the first half of 2008, RE/MAX agents represented buyers who purchased 22.7 percent of all listed homes sold, topping Coldwell Banker (13.8 percent), Baird & Warner (6.6 percent), Century 21 (5.7 percent) and Prudential (3.8 percent).

During the first six months of this year, RE/MAX remained the Chicago real estate leader, listing 19.8 percent of all residences sold. Since 1989, RE/MAX has ranked number one in the Chicago metropolitan home sales market based on listings sold.

MRED data for the first half of 2008 also reveals that RE/MAX listed 26.1 percent of all homes sold in the Chicago suburbs.

RE/MAX Leads In McHenry County Real Estate Sales

RE/MAX Chicago Realtors® remained the leader for sales of residential real estate in McHenry County, Illinois, during the first half of 2008. RE/MAX agents listed 24.2 percent of all homes sold in the county based on sales data available through Midwest Real Estate Data, LLC (MRED).

Home sales reported by MRED totaled 1,403 in McHenry County during the first six months of 2008. That is 26.4 percent fewer sales than were reported for the same period last year.

he top five real estate organizations in McHenry County during the first half of 2008, in terms of listings sold, were RE/MAX with 340 (24.2 percent), Coldwell Banker with 222 (15.8 percent), Century 21 with 151 (10.8 percent), Prudential with 134 (9.6 percent) and Baird & Warner with 82 (5.8 percent). Data maintained by MRED may not reflect all real estate activity in a specific market area.

In McHenry County, no one helped more buyers purchase homes than RE/MAX. During the first half of 2008, RE/MAX agents represented buyers who purchased 24.7 percent of all listed homes sold, topping Prudential (11.3 percent), Century 21 (9.9 percent), Coldwell Banker (9.8 percent) and Baird & Warner (6.6 percent). Across the metropolitan area during the six-month period, RE/MAX remained the leader among real estate companies, assisting 16.5 percent of all buyers.

During the first six months of this year, RE/MAX remained the Chicago real estate leader, listing one of every five (19.8 percent) of all residences sold. Since 1989, RE/MAX has ranked number one in the Chicago metropolitan home sales market based on listings sold.

MRED data for the first half of 2008 also reveals that RE/MAX listed 26.1 percent of all homes sold in the Chicago suburbs.

RE/MAX Leads In Kane County Real Estate Market

RE/MAX remained the leader in the Kane County real estate market during the first half of 2008. RE/MAX agents listed 31.2 percent of all homes sold in the county based on sales data available through Midwest Real Estate Data, LLC (MRED).

Home sales reported by MRED totaled 1,979 in Kane County during the first six months of 2008. That is 34.3 percent fewer sales than were reported for the same period last year (search all homes for sale in Kane County, Illinois).

The top five real estate organizations in Kane County during the first half of 2008, in terms of listings sold, were RE/MAX with 617 (31.2 percent), Coldwell Banker with 237 (12 percent), Baird & Warner with 146 (7.4 percent), Century 21 with 83 (4.2 percent) and Kettley with 64 (3.2 percent). Data maintained by MRED may not reflect all real estate activity in a specific market area.

In Kane County, no one helped more buyers purchase homes than RE/MAX. During the first half of 2008, RE/MAX agents represented buyers who purchased 25.8 percent of all listed homes sold, topping Coldwell Banker (10.2 percent), Baird & Warner (7.9 percent), Century 21 (7.6 percent), and Kettley (3.4 percent). Across the metropolitan area during the six-month period, RE/MAX remained the leader among real estate companies, assisting 16.5 percent of all buyers.

During the first six months of this year, RE/MAX remained the Chicago real estate leader, listing 19.8 percent of all residences sold. Since 1989, RE/MAX has ranked number one in the Chicago metropolitan home sales market based on listings sold.

MRED data for the first half of 2008 also reveals that RE/MAX listed 26.1 percent of all homes sold in the Chicago suburbs.

RE/MAX Leads In La Grange Area Real Estate Market

RE/MAX remained the sales leader in the La Grange real estate market during the first half of 2008. RE/MAX agents listed 21.3 percent of all homes sold in the area based on sales data available through Midwest Real Estate Data, LLC (MRED).

Home sales reported by MRED totaled 272 in the La Grange area during the first six months of 2008. That is 27.8 percent fewer sales than were reported for the same period last year (search all homes for sale in La Grange, Illinois).

The LaGrange market includes the communities of Countryside, Hodgkins, Indian Head Park, La Grange, La Grange Highlands, La Grange Park, McCook, Western Springs and Willow Springs.

The top five real estate organizations in the LaGrange market during the first half of 2008, in terms of listings sold, were RE/MAX with 58 (21.3 percent), Coldwell Banker with 48 (17.6 percent), Smothers Realty Group with 39 (14.3 percent), Prudential with 22 (8.1 percent) and Prime Property Partners with 22 (8.1 percent). Data maintained by MRED may not reflect all real estate activity in a specific market area.

In the LaGrange area, no one helped more buyers purchase homes than RE/MAX. During the first half of 2008, RE/MAX agents represented buyers who purchased 16.5 percent of all listed homes sold in the area, topping Coldwell Banker (14.7 percent), Smothers Realty Group (12.5 percent), Prudential (8.5 percent) and Realty Executives (7.4 percent). Across the metropolitan area during the six-month period, RE/MAX remained the leader among real estate companies, assisting 16.5 percent of all buyers.

During the first six months of this year, RE/MAX remained the Chicago real estate leader, listing 19.8 percent of all residences sold. Since 1989, RE/MAX has ranked number one in the Chicago metropolitan home sales market based on listings sold.

MRED data for the first half of 2008 also reveals that RE/MAX listed 26.1 percent of all homes sold in the Chicago suburbs.

RE/MAX Leads Lake County Real Estate Market

RE/MAX remained the Lake County IL real estate leader during the first half of 2008. RE/MAX agents listed 27.2 percent of all homes sold in the county based on sales data available through Midwest Real Estate Data, LLC (MRED).

Home sales reported by MRED totaled 2,968 in Lake County during the first six months of 2008. That is 30.2 percent fewer sales than were reported for the same period last year (search all homes for sale in Lake County, Illinois).

The top five real estate organizations in Lake County during the first half of 2008, in terms of listings sold, were RE/MAX with 807 (27.2 percent), Coldwell Banker with 507 (17.1 percent), Century 21 with 338 (11.4 percent), GMAC with 247 (8.3 percent) and Baird & Warner with 228 (7.7 percent). Data maintained by MRED may not reflect all real estate activity in a specific market area.

In Lake County, no one helped more buyers purchase homes than RE/MAX. During the first half of 2008, RE/MAX agents represented buyers who purchased 25.1 percent of all listed homes sold, topping Century 21 (11.9 percent), Coldwell Banker (11.7 percent), Baird & Warner (8.5 percent) and GMAC (7.1 percent). Across the metropolitan area during the six-month period, RE/MAX remained the leader among real estate companies, assisting 16.5 percent of all buyers.

During the first six months of this year, RE/MAX remained the Chicago real estate market-share leader, listing 19.8 percent of all residences sold. Since 1989, RE/MAX has ranked number one in the Chicago metropolitan home sales market based on listings sold.

MRED data for the first half of 2008 also reveals that RE/MAX listed 26.1 percent of all homes sold in the Chicago suburbs.

RE/MAX RETAINS Leadership In Chicago Real Estate Lincoln Way Market

RE/MAX remained the Chicago real estate leader in the Lincoln Way real estate market area during the first half of 2008. RE/MAX agents listed 34.5 percent of all homes sold in the area based on sales data available through Midwest Real Estate Data, LLC (MRED).

Home sales reported by MRED totaled 414 in the Lincoln Way market area during the first six months of 2008. That is 23.5 percent fewer sales than were reported for the same period last year.

The Lincoln Way market area includes the communities of Frankfort, Green Garden, Manhattan, Mokena, New Lenox and Wilton Center.

The top five real estate organizations in the Lincoln Way area during the first half of 2008, in terms of listings sold, were RE/MAX with 143 (34.5 percent), Coldwell Banker with 65 (15.7 percent), Century 21 with 43 (10.4 percent), Realty Executives with 31 (7.5 percent) and Lincoln-Way Realty, Inc., with 14 (3.4 percent). Data maintained by MRED may not reflect all real estate activity in a specific market area.

In the Lincoln Way market, no one helped more buyers purchase homes than RE/MAX. During the first half of 2008, RE/MAX agents represented buyers who purchased 28.5 percent of all listed homes sold in the area, topping Coldwell Banker (21 percent), Realty Executives and Century 21 (tied at 8 percent) and GMAC (2.7 percent). Across the metropolitan area during the six-month period, RE/MAX remained the leader among real estate companies, assisting 16.5 percent of all buyers.

During the first six months of this year, RE/MAX remained the Chicago real estate market-share leader, listing 19.8 percent of all residences sold. Since 1989, RE/MAX has ranked number one in the Chicago metropolitan home sales market based on listings sold.

MRED data for the first half of 2008 also reveals that RE/MAX listed 26.1 percent of all homes sold in the Chicago suburbs.