January 25, 2009 - While the condo market in the greater Chicagoland region continues to suffer from slow sales and falling prices, sales of single-family homes around the suburbs picked up during 2008.  It was welcome news for homeowners who are selling their home in the region.

According to data from the Chicago Association of Realtors, a total of 45,107 new and resale single-family homes were sold in the Chicago suburbs during the year, up slightly from the 44,937 units sold in 2007.  It was the first time in three years that sales of single-family homes increased in the area, after reaching a peak of 68,142 homes sold in 2005.

Westmont and Kankakee led the way with strong sales during the year.  In Westmont, a total of 202 homes were sold in 2008, up from 125 homes sold a year ago.  It was the strongest sales seen in the city since 2005.  Sales in Kankakee were up by 20 percent in 2008, with 296 units sold during the year.  It was the highest annual sales seen in the city in more than 18 years.

However, other suburbs continue to see a sharp drop in sales.  Yorkville suffered one of the slowest years in recent memory.  Just 82 homes were sold during the year, down from 233 units sold in 2007.  Sales in Lansing fell to just 201 units in 2008, down from 352 homes sold in 2007.  However, while sales of homes rose in the region, sales of Chicago Condos continue to suffer.  Demand was off by 30 percent in the city in 2008.

Technorati Tags: Chicago Condos, Chicago Real Estate, Suburban Chicago Homes For Sale

This entry was posted on Sunday, January 25th, 2009 at 11:50 pm and is filed under Market Update(t) . You can skip to the end and leave a response. Pinging is currently not allowed.