Homes under contract increases

The number of single-family detached homes sold in Chicagoland is on the rise after months of low sales. The number of homes that went under contract in April was up 10.2 percent over the same month last year, according to statistics released by the Mainstreet Organization of Realtors.

The number of detached single-family homes sold in April was also up 2.2 percent over the same period. And, the average time on market decreased 13.7 percent in April over the same month last year, which represents continued low inventory in the area.

"The data indicates due to continued low inventory, homes that are priced properly are selling very quickly and often with competing offers," Karen Irace, president of the MORe board of directors, said. "Those who are interested in purchasing a single-family home before summertime should make an offer as soon as they find the home they like."

Many area communities saw a particularly significant increase in number homes under contract. They include Antioch (31.4 percent increase in homes under contract); Carol Stream (82.1 percent); Chicago Heights (41.7 percent); Des Plaines (36.2 percent); Gurnee (36.7 percent); Oak Forest (29.7 percent); Orland Park (28.6 percent); Park City-Waukegan (31.7 percent); South Holland (48.6 percent); Streamwood (30.6 percent); Villa Park (32.4 percent); and Woodridge (40 percent.)

"Anyone interested in buying should also keep in mind currently mortgage rates are low," Irace said. "Without knowing when mortgage rates could go up homebuyers should try to close on a home before they do."

MORe is dedicated to anticipating and serving the needs of more than 17,000 Realtors, affiliates and licensed appraisers in South, West and Northwest Suburban Chicagoland.