Oak Forest Home Sales More than Double from a Year Ago
Representatives from the Mainstreet Organization of Realtors say affordable prices and low interest rates have created a "perfect storm" of buyer-friendly conditions.
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Single-family home sales in the Chicago suburbs grew 41 percent in February 2013, compared to the same month in 2012, according to data provided by the Mainstreet Organization of Realtors (MORe).
In the south suburbs, sales in the majority of Patch communities aligned with this trend, with 10 out of 14 towns experiencing an increase in sales, three towns experiencing a sales decrease and one town remaining the same year-over-year.
Thirteen homes were sold in Oak Forest in February 2013—compared to just 5 in February 2012. The median price dropped 14 percent, from $153,000 to $131,000.
Fourteen homes were sold in Homewood in February 2013, compared to 11 in February 2012—a 27-percent increase. In Flossmoor, fewer homes were sold in February 2013—9, compared to 11 in February 2012—for an 18-percent dip.
Evergreen Park saw the most growth in the Southland, with 23 homes sold in February 2013 and only five homes sold one year prior, totaling a 360-percent increase in sales.
Sales in Palos Hills decreased by the largest percentage in the area, dropping from three houses sold in February 2012 to one house sold a year later.
Median home prices decreased in six of the 14 south suburban Patch communities, with prices in Orland Park dropping the most year-over-year, from $280,000 to $210,000, or 25 percent.
In Palos Hills, median prices rose the highest, from $140,000 to $222,000 year-over-year.
Regional growth trends are expected to continue in the coming months
“In many cases the cost of buying a home today is cheaper than renting,” said Tonya Corder, who is the 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 | February 2013 | February 2012 | % change | February 2013 | February 2012 | % change |
| CHICAGO HEIGHTS | 12 | 16 | -25% |
50,000 |
36,450 |
37.2% |
| EVERGREEN PARK | 23 | 5 | 360% |
126,450 |
119,900 |
5.5% |
| FLOSSMOOR | 9 | 11 | -18.2% |
136,750 |
205,000 |
33.3% |
| FRANKFORT | 15 | 12 | 25% |
312,500 |
353,500 |
-11.6% |
| HOMEWOOD | 14 | 11 | 27.3% |
97,500 |
99,000 |
-1.5% |
| MOKENA | 13 | 8 | 62.5% |
259,320 |
265,000 |
-2.1% |
| NEW LENOX | 16 | 10 | 60% |
170,402 |
196,500 |
-13.3% |
| OAK FOREST | 13 | 5 | 160% |
131,000 |
153,000 |
-14.4% |
| OAK LAWN | 36 | 30 |
20% |
154,625 |
140,000 |
10.5% |
| ORLAND PARK | 17 | 15 | 13.3% |
210,000 |
280,000 |
-25% |
| PALOS HEIGHTS | 9 | 3 | 200% |
239,000 |
210,000 |
13.8% |
| PALOS HILLS | 1 | 3 | -66.7% |
222,000 |
140,000 |
58.6% |
| PALOS PARK | 1 | 1 | 0% |
365,000 |
250,000 | 46% |
| TINLEY PARK |
21 |
7 | 200% |
215,000 |
206,500 |
4.1% |
SOURCE: Mainstreet Organization of Realtors.
John Barker
1:26 pm on Tuesday, March 19, 2013
An increase of 160% of houses sold is good news. Let's hope it is not an isolated event and that these increases continue for the next several months.
The decrease in Median home prices of 14.4% should not be a cause of concern. The median (middle) home price tells very little about the market - especially when volumes are so low. It is not the mean (average) sales price for Oak Forest. Many factors can influence the median home price of an area such as the size/type of houses on the market.
As long as it continues, this is good news for the area. If you are looking to buy, now is the time. Mortgage rates are still really low and housing prices are still afforable.
Bob Laird
9:32 pm on Wednesday, March 20, 2013
Sounds like John is a realtor. (no offense) Not trying to be racist, but I'd like to see the demographics of who's selling and who's buying. Sorry. As U2 put it, that's just the way it is.