Oak Forest Home Sales Jump in October
Oak Forest home sales increased by 144.4 percent in October, as the bulk of the Chicago area saw a bump in year-over-year comparisons. Check out the numbers and tell us what you think it means for the local housing market.
Oak Forest's real estate market got a boost last month, compared to numbers from October 2011.
The market for detached, single-family homes in suburbs throughout the Southland saw growth in October, according to the Mainstreet Organization of Realtors (MORe). MORe gets its statistics from Midwest Real Estate Data.
Oak Forest experienced the most dramatic percent change in the number of homes sold, with an uptick of 144.4 percent in October 2012 over October 2011. The number of actual homes sold this October was 22, compared to the nine sold during the same period last year.
Palos Heights saw the largest percent drop, with 36.4 percent fewer homes sold year over year in October. That shakes out to 7 homes sold in October 2012 compared to 11 sold in October 2011.
Overall across the Chicago suburbs, sales of single-family detached homes rose 44.6 percent in October over the same month in 2011, according to MORe.
MORe predicts November will be another month of local housing market growth, as the number of detached homes under contract in October 2012 was 65.8 percent higher than in October 2011.
“2012 has already been a strong year for the housing market, and we are seeing activity continue to increase,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Affordable home prices and historically low interest rates have created a rare opportunity for buyers. We are actually back to the point where we are seeing multiple offers on properties.”
| # of homes sold | Median price | |||||
| Town | 2012 | 2011 | % change | 2012 | 2011 | % change |
| CHICAGO HEIGHTS | 13 | 11 | 18.2% |
55,000 |
48,000 |
14.6% |
| EVERGREEN PARK | 17 | 19 | -10.5% |
120,000 |
94,000 |
27.7% |
| FLOSSMOOR | 13 | 11 | 18.2% |
234,000 |
165,000 |
41.8% |
| FRANKFORT | 22 | 19 | 15.8% |
213,000 |
310,000 |
-31.3% |
| HOMEWOOD | 20 | 15 | 33.3% |
85,000 |
100,000 |
-15% |
| MOKENA | 19 | 16 | 18.8% |
299,000 |
235,000 |
27.2% |
| NEW LENOX | 21 | 19 | 10.5% |
255,000 |
254,000 |
0.4% |
| OAK FOREST | 22 | 9 | 144.4% |
161,500 |
175,000 |
-7.7% |
| OAK LAWN | 45 | 30 | 50% |
158,500 |
164,450 |
-3.6% |
| ORLAND PARK | 34 | 21 | 61.9% |
274,950 |
245,000 |
12.2% |
| PALOS HEIGHTS | 7 | 11 | -36.4% |
305,000 |
202,500 |
50.6% |
| PALOS HILLS | 6 | 4 | 50% |
198,000 |
170,000 |
16.5% |
| PALOS PARK | 7 | 0 | -- |
375,000 |
0 | -- |
| TINLEY PARK | 28 | 19 | 47.4% |
199,500 |
176,300 |
13.2% |
Source: Mainstreet Organization of Realtors
