O'Hare Area Home Sales Rise 44% from 2008 Level to Lead Rebound of Metro Chicago Real Estate Market; RE/MAX Maintains Leadership in Area Housing

Elgin, IL, February 14, 2010 --(PR.com)-- The O’Hare suburban area led a 2009 rebound in home sales in the metropolitan Chicago real estate market. Sales in the O’Hare area rose from 592 in 2008 to 855 in 2009, a 44 percent increase and the largest gain recorded in any major submarket. RE/MAX retained its position as the area’s leading brokerage organization.

The O’Hare market area includes the communities of Elmwood Park, Franklin Park, Harwood Heights, Leyden Township, Norridge, Northlake, River Grove, Rosemont and Schiller Park.

RE/MAX agents accounted for 208, or 24.3 percent, of all residential listings sold in the O’Hare area during 2009 making them number one in that category, according to Midwest Real Estate Data, LLC (MRED). RE/MAX agents also led in buyer representation, assisting buyers with 141 transactions, or 16.5 percent.
RE/MAX was the leader in total transactions closed in the O’Hare area, representing either the buyer or seller in 349 transactions, or 20.4 percent. The next four firms in the total transaction category are Century 21 (12 percent), Coldwell Banker (8.7 percent), Prudential, (2.9 percent) and ERA (2.4 percent).

Since 1989, RE/MAX has led the metropolitan Chicago residential real estate market based on closed sales volume. In 2009, RE/MAX agents listed 18.9 percent of all homes sold in the seven-county Chicago real estate market, a larger percentage than any other real estate organization.

The metro Chicago real estate market experienced a meaningful rebound in home sales during 2009, especially during the second half of the year. Home sales in the last six months of 2009 increased 23 percent compared to the same period a year earlier, but for the full year Chicago-area home sales were up a more modest 1.5 percent.

The top five real estate organizations in the O’Hare area during 2009, in terms of attached and detached residential listings sold, were RE/MAX with 208 (24.3 percent), Coldwell Banker with 78 (9.1 percent), Century 21 with 77 (9 percent), ERA with 25 (2.9 percent) and Prudential with 24 (2.8 percent). Data maintained by MRED may not reflect all real estate activity in a specific market area.

For the same time period, RE/MAX agents led the O’Hare area in buyer representation, closing 141, or 16.5 percent, of all sales made of listed homes in 2009, topping Century 21 with 129 (15.1 percent), Coldwell Banker with 71 (8.3 percent), Baird & Warner with 29 (3.4 percent) and Prudential with 26 (3 percent). RE/MAX remained the market-share leader in buyer representation across the metropolitan Chicago real estate market during 2009, completing 16.4 percent of all buyer transactions.

RE/MAX has been the sales leader in the metropolitan Chicago real estate market since 1989 and also is number one across northern Illinois. In 2009, the RE/MAX Northern Illinois real estate network 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.

Jim Nathan