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Home Sales up in Oak Park, River Forest From Feb. 2012

Ten homes sold in River Forest during February 2013, and 18 in Oak Park. See what the median prices were compared to last year.

The 18 detached, single-family homes sold in Oak Park during February represented a 20 percent increase from February 2012, when 15 homes were sold, according to the Mainstreet Organization of Realtors (MORe).

River Forest saw the largest percent increase in the listed western suburbs with 400 percent more homes sold year over year in February. La Grange joined Lemont as the only western suburbs listed to see median home prices drop. 

The median price of homes sold in River Forest was also up compared to last year. It rose 16.6 percent to $577,500 from $495,500 during February 2012. But the prices dropped 26.1 percent in Oak Park, down to $255,000 from $345,000 in 2012. 

Compared to January 2013, home sales doubled in River Forest but were nearly cut in half in Oak Park.

The market for detached, single-family homes in suburbs throughout west Cook County saw growth in January, MORe reported. MORe gets its statistics from Midwest Real Estate Data.

Overall across the Chicago suburbs, sales of single-family detached homes rose 33 percent in February over the same month in 2012, according to MORe. 

The momentum is expected to continue as the number of detached homes under contract in February grew by 50 percent in those same communities.

“In many cases the cost of buying a home today is cheaper than renting,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “When you factor in affordable home prices and historically low interest rates, today’s market represents a ‘perfect storm’ of conditions that may not exist again in our lifetimes.”

# of homes sold Median price Town Feb. 2013 Feb. 2012 % change Feb. 2013 Feb.  2012 % change BURR RIDGE 36 30 20% 585,000 317,500 84.3% ELMHURST 24 22 9.1% 403,750 282,500 42.9% FOREST PARK 7 3 133.3%

240,000

82,000

192.7% HINSDALE 16 10 60% 1,135,000 448,750 152.9% LA GRANGE 6 9 -33.3%

372,500

257,000

44.9% LA GRANGE PARK 6 4 50%

316,638

240,000

31.9% LEMONT 6 11 -45.5%

342,000

312,000

9.6% OAK PARK 18 15 20%

255,000

345,000

-26.1% RIVER FOREST 10 2 400%

577,500

495,500

16.6% WESTERN SPRINGS 11 5 120%

455,000

326,000

14.9%

Source: Mainstreet Organization of Realtors 

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mjh1115 March 21, 2013 at 03:39 AM
Quoting the percentage increase by community is not very revealing information, and can even be misleading, considering the base upon which the increases are calculated. More interesting would be a discussion of why so many more homes were sold in OP vs. RF, whether they were comparable--detached single family homes, e.g., what the base of homes on the market is in each community.
Chi Guy March 25, 2013 at 06:10 AM
Why the hell is Oak Park the only community in the list where house prices have continued to drop significantly? I mean, it's suppose to be a desirable and affluent community, no? Why have others recovered so much more? Please explain if you can.

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