The number of homes under contract (but not yet closed) in the same West and South Suburban Chicago area was 40 percent higher in June than a year ago, according to the Mainstreet Organization of Realtors, the seventh consecutive month of year-to-year growth in pending sales.
Standouts in the south suburbs for number of contracts were Burbank (146 percent increase from a year ago); Harvey (150 percent); Lynwood (1,000 percent); Markham (133 percent); Matteson (107 percent); and Oak Lawn (93 percent).
In the DuPage County area, contract activity was highest in Addison (118 percent increase from a year ago); Bensenville (700 percent); Hinsdale (59 percent); Villa Park (100 percent); Warrenville (160 percent); and West Chicago (69 percent).
Outstanding numbers for contracts were posted in the western Cook communities of Bellwood (250 percent increase from a year ago); Elmwood Park (333 percent); Franklin Park (217 percent); La Grange (75 percent); Melrose Park (200 percent); and Westchester (243 percent).
Meanwhile, sales of single-family detached homes went up 1 percent in June compared with the same period a year ago, the first such increase since December 2006.
There were notable home sales gains in many suburban communities, particularly in Addison (89 percent increase from a year ago); Bellwood (150 percent); Bloomingdale (350 percent); Calumet Park (200 percent); Flossmoor (100 percent); Geneva (59 percent); Markham (138 percent); Matteson (122 percent); Maywood (156 percent); Oak Lawn (58 percent); Richton Park (167 percent); West Chicago (59 percent); and Winfield (150 percent).
“Many first-time home buyers are taking advantage of the $8,000 federal tax credit. This is helping to reduce the inventory of homes on the market,” said Mike Drews, president-elect of MORe, and a REALTOR® with Charles Doss, REALTORS®, in the Aurora and Oswego areas. “First-time buyers can receive the tax credit if their home purchase closes by December 1st, so to take advantage of that credit, they really need to have a home under contract by October 1st.”
MORe measured activity on single-family detached homes in about 120 southern and western suburban communities through information from Midwest Real Estate Data LLC.