According to a recent analysis from RE/MAX and compiled by Midwest Real Estate Data, LLC there seems to be a clear recovery in Chicago Real Estate thanks to a strong 2012.
The Chicago metro area which consists of a seven county region had 89,039 unit sales. This is an increase of 27% from 2011. This total is the largest increase in sales numbers since 2007.
We especially like the looks of the last quarter of 2012 with an increase of 34% over the same three months of 2011. This increased activity also came with a 3% jump in median sales prices which counters earlier sales increases that came with lower prices.
RE/MAX analysis also showed a reduction of time for homes on the market. A drop of nearly forty days from 171 in 2011 to 138 days in 2012.
Cook County Real Estate Leads the Way
Cook County real estate accounted for 57% of all transactions according to the report. But all seven counties in the Chicago area showed at least a 24% gain over 2011. But Cook County experienced a 36% gain in sales and a price increase of 7%. That leaves the median price in Cook County at $175,000.
The sales figures for Chicago area Real Estate we find very promising. Many people have really had difficult times over the past few years and these types of figures can only add hope and confidence to investors and property owners.