Suburbs Lead in Home Sales Increase in Chicago

Chicago Real EstateHome sales in the seven-county metropolitan Chicago real estate market continued their upward momentum in January, led by strong sales gains in five of the collar counties, according to an analysis by RE/MAX. Home sales for the month totaled 4,433 and were 14 percent higher than in January 2011. It was the largest January sales total since 2007 when 5,980 homes changed hands.

The combined sales of attached and detached homes rose at least 22 percent in five collar counties – Kane, Kendall, Lake, McHenry and Will – while sales increased 7.3 percent in Cook County and 12.4 percent in DuPage County. In the City of Chicago, sales climbed 3.3 percent.

Much of the January increase stemmed from sales of distressed properties (foreclosures and short sales), which totaled 2,272 units for the month and accounted for 51.3 percent of all home sales. A year earlier, 1,875 distressed units changed hands, representing 48.2 percent of all transactions.

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