Chicago metro home sales indicated the real estate recovery is very much underway, according to an analysis by RE/MAX.
Home sales in the seven-county metro Chicago area totaled 89,039 in 2012, a 27% increase from the 70,215 homes sold in 2011. This reflected the largest transaction total since 2007, when 92,328 sales were recorded.
In the fourth quarter of 2012, sales in the metro area totaled 23,318 homes, a 34% rise from the fourth quarter of 2011. Average market time saw a sizable reduction in the fourth quarter, dropping from 171 days to 138 days.
Distressed properties showed a slight decline, dropping from 42% in 2011 to 41% in 2012. Fourth-quarter distressed sales were 43% of the total, up 6% from the same period in 2011.
Click on the image below to see the 2012 home sales for all seven Chicago metros.