RE/MAX Reports Sharp Gain In Its 4th Quarter Home Sales Across Northern Illinois Real Estate Market

The RE/MAX Northern Illinois real estate network reports that its home sales on a year-over-year basis showed a substantial upturn during the final quarter of 2009. RE/MAX unit sales totaled 8,309 for the quarter, an increase of 36 percent when compared to the final quarter of 2008.

“Home buyers definitely are returning to the marketplace even as the large number of distressed properties for sale has led to lower home prices and improved affordability,” said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network. “Sales have improved dramatically across our region when you compare the final three months of 2009 to the same period a year earlier.”

RE/MAX reports that its offices outside the seven-county Chicago metropolitan area sold 859 listings during the quarter, an increase of 33 percent from the 646 listings sold in the final three months of 2008. Sales by RE/MAX agents in the Sterling-Rock Falls-Dixon area were up 67 percent on the same basis. Sales rose nearly 200 percent in Poplar Grove, 43 percent in Sycamore, 33 percent in Rochelle, 16 percent in Rock Island and 10 percent in Geneseo.

According to Merrion, RE/MAX results were strongly positive throughout the fourth quarter, and the year ended with “some very high double-digit increases during this quarter when compared to 2008.”

The RE/MAX Northern Illinois network recorded a 27 percent increase in closed transactions during October, a 60 percent increase during November and a 24 percent increase during December compared to the same months in 2008.

“The housing market continues to face some challenges, but based on fourth quarter results, we believe the market is beginning to find its footing again,” Merrion said. “The large number of distressed properties on the market has created a sales environment that is different from anything most real estate professionals have ever experienced, said Merrion.

In response to this unique market opportunity, the RE/MAX organization has provided agents with access to training in foreclosures, short sales and REOs (bank-owned properties).

“Our agents have embraced this new niche enthusiastically and now lead the industry in completing the Certified Distressed Property Expert training. With our expertise in the distressed property sector, we are confident that we will continue to increase our leadership standing during 2010,” Merrion said.