Chicago condos stronger sellers

Condominium units, especially in the City of Chicago, were the top performers in the housing market, according to an analysis of 2007 sales activity by RE/MAX Northern Illinois. The analysis was based on data collected by the Multiple Listing Service of Northern Illinois.

Sales of condos and townhouses (classified as attached homes by the MLSNI) were equal to or higher than 2006 levels in 55 suburban communities and 29 city neighborhoods in 2007. Total sales of attached homes in the seven county Chicago metropolitan area fell 18 percent in 2007, but declined just 10.5 percent in the City of Chicago.

MLSNI data shows a total decline of 21.3 percent for sales of all types of housing in the entire metro area, with sales of detached units (primarily single-family homes) posting a 23.8 percent decrease for the year.

"The city condo market showed particular resilience in 2007 across almost all parts of the city and all price categories," said Jim Merrion, regional director of RE/MAX Northern Illinois. "Overall, the current housing market offers an outstanding opportunity for buyers to take advantage of falling interest rates for mortgages and an extensive inventory of homes for sale in almost every price category."

In Chicago, sales of attached homes, mainly condominiums, rose in 27 neighborhoods, with the most striking gains coming in such newly chic areas as North Center (11 percent), Lincoln Square (18 percent) and Avondale (24 percent). McKinley Park earned honors for the largest percentage increase with 51 attached sales, up from eight the year before, a gain of more than 500 percent.

Only four of the 77 official city neighborhoods saw sales increase in both the detached and attached categories. Those neighborhoods are Lincoln Square, Forest Glen, Bridgeport and Mount Greenwood. However, none of those areas had the largest percentage increase in total sales. That honor went to McKinley Park, where total sales rose 55 percent, with 73 homes changing hands. Bridgeport saw total sales rise 22 percent to 159 units, and in Lincoln Square, where the market is much more active, sales rose 19 percent to 678 units

Across suburbia, sales as a whole fell 24.2 percent in 2007, based on MLSNI data, and while there were local variations, sales in all seven counties of the metro area were down at least 20 percent, with Will County showing the largest dip in sales activity at 27.2 percent.

Nonetheless, 20 suburban communities did see total sales equal or surpass those of 2006. Among those communities recording the largest gains were Volo (140 percent), Kenilworth (72 percent), Fox River Grove (22 percent) and LaGrange Park (13 percent). Sales of attached homes were especially strong in Willowbrook and Lake Forest (both up 24 percent) and Yorkville (up 58 percent).