Chicago and Suburbs Show Signs of Springing Back

By Dream Town · April 24, 2007 · Market News

While not the same level of activity as last year, the spring selling season in Chicago is starting to bounce back.

Pending sales in Chicago and neighboring counties are on the rise. The number of contracts for February and March rose with the biggest increase reported in DuPage County. Between April and February the number of pending sales in the county went up 61% from 667 to 1,074, according to an analysis prepared by a Chicago-based real estate appraisal firm. For the same period, Chicago saw a 19% growth in pending contracts.

Some areas were even found to be in short housing inventory for lower-priced homes. For example, Naperville only has a four-month supply of homes under $500,000 while properties in the $500,000 to $1 million range in the suburb are at almost an eight-month supply, says the analysis.