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January Home Sales: Oak Forest Starts 2013 With Yearly Increase

Although overall home sales increased in January, the median price of homes in Oak Forest dropped by 14 percent, according to the Mainstreet Organization of Realtors.

The 18 detached, single-family homes sold in Oak Forest during January represented a 12.5 percent increase over January 2012, when 16 homes were sold, according to the Mainstreet Organization of Realtors (MORe).

There were 18 homes sold in Oak Forest during December 2012, compared to 15 sold in December 2011.

The median price dropped in January, coming in at $135,000—a 14.3 percent decrease over the same month in 2012. 

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

Evergreen Park saw the largest percent increase, with 850 percent more homes sold year over year in January. There were 19 homes sold that month in 2013 and 2 in 2012.

Palos Hills had the greatest drop, with 57.1 percent fewer homes sold year over year. That shakes out to 3 homes sold during January 2013 compared to 7 sold in January 2012. (It's worth noting the particularly small sample size.)

Overall across the Chicago suburbs, sales of single-family detached homes rose 37.5 percent in January over the same month in 2012, according to MORe. 

MORe predicts February will be another month of local housing market growth, as the number of detached homes under contract in January 2013 was 60 percent higher than in January 2012. 

“I am encouraged to see yet another month of double-digit growth in sales volume in January,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “The opportunity available in today’s marketplace is almost unprecedented. Fasten your seatbelts because this promises to be an outstanding year for the Chicago area housing market.”

# of homes sold Median price Town January 2013 January 2012 % change January 2013 January 2012 % change CHICAGO HEIGHTS 18 15 20%

70,000

55,000

27.3% EVERGREEN PARK 19 2 850%

125,100

159,995

-21.8% FLOSSMOOR 7 4 75%

215,000

147,750

45.5% FRANKFORT 17 12 41.7%

280,000

297,500

-5.9% HOMEWOOD 19 18 5.6%

89,000

89,950

-1.1% MOKENA 14 7 100%

237,750

302,000

-21.3% NEW LENOX 12 11 9.1%

242,500

220,000

10.2% OAK FOREST 18 16 12.5%

135,000

157,555

-14.3% OAK LAWN 27 21

28.6%

150,000

155,000

-3.2% ORLAND PARK 30 5 500%

237,750

345,000

-31.1% PALOS HEIGHTS 8 3 166.7%

229,950

100,000

130% PALOS HILLS 3 7 -57.1%

290,000

175,000

65.7% PALOS PARK 3 3 0%

340,000

280,000 21.4% TINLEY PARK

28

10 180%

192,000

159,950

20%

SOURCE: Mainstreet Organization of Realtors.

 

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