Elgin, IL, January 22, 2010 --(PR.com
)-- 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, with much of that improvement due to stronger sales in the metropolitan Chicago real estate market. 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, especially in the Chicago area, including the City of Chicago.”
According to Merrion, RE/MAX saw its share of listings sold in the city rise from 6.5 percent in 2008 to 8.2 percent in 2009, based on data compiled by Midwest Real Estate Data, LLC. Among the seven brokerage firms with the largest city market shares, RE/MAX achieved the greatest increase, while four of its major competitors saw their share of the city market decline.
The seven leading brokerage organizations in Chicago, each with its 2009 share of closed transactions and respective increase or decrease when compared to 2008, are as follows:
1. Coldwell Banker – 10.2 percent; -1.9 percent
2. @ Properties – 9.9 percent; +0.9 percent
3. RE/MAX – 8.2 percent; +1.7 percent
4. Prudential Rubloff – 6.6 percent *
5. GMAC – 4.8 percent; -1.9 percent
6. Baird & Warner – 4.3 percent; -0.5 percent
7. Century 21 – 3.9 percent; -2.3 percent
*Prudential and Rubloff were separate firms that merged in 2009.
“The large number of distressed properties on the market in both the city and suburbs 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.”
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.
RE/MAX has been the leader in real estate sales in the metropolitan Chicago real estate market since 1989 and also is number one across northern Illinois. In 2009, the RE/MAX network in northern Illinois closed more than $6 billion in sales.
The RE/MAX Northern Illinois network consists of 2,500 associates and 121 individually owned and operated RE/MAX offices that provide residential, relocation and commercial real estate services throughout the northern one-third of Illinois. The network’s Web sites, www.illinoisproperty.com and www.remax.com, are two of the most popular real estate Web sites in northern Illinois and nationwide, respectively, according to Compete.com, Comscore and Hitwise, which are online intelligence services.
RE/MAX Northern Illinois is part of RE/MAX International, a global real estate organization with 6,500 independently owned offices and 93,000 member sales associates in 78 nations.