Real Estate

Oak Park, River Forest Home Sales up 31% in May '13

The 52 detached, single-family homes sold in Oak Park during May represented a 31 percent increase from May 2012, when 42 homes were sold, according to the Mainstreet Organization of Realtors (MORe).

Homes sold in River Forest was up 30.8 percent, with 17 selling, compared to 13 this time last year. 

The median price of homes sold in Oak Park during May decreased compared to last year, dropping 10.2 percent to $385,000 from $428,499 in May 2012. River Forest's median prices increased, though, up 13.8 percent to $725,000.  

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

In the near west suburbs, Burr Ridge and Forest Park saw the largest percent increase in sales, with 125 percent more homes sold year over year in May. Burr Ridge also had the highest percentage increase in median price.

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The momentum is expected to continue as the number of detached homes under contract in May grew by 45 percent. The median sale price for detached homes also increased 8.3 percent from the previous May, marking the third month in a row of year-over-year price growth.

“Buyers need to come in aggressively with their first price, especially on moderately priced homes in good condition,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “We are seeing multiple offers and people writing contracts on properties the day they come onto the market.”

Source: Mainstreet Organization of Realtors 


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