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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

Lisa Gries November 19, 2012 at 01:27 PM
Houses will sell when prices drop to all time lows. I'm not impressed with houses selling in my area at such losses to the sellers.
Julia November 19, 2012 at 03:26 PM
Too bad it wasn't the 3 foreclosed homes on my block that sold!
Christopher November 19, 2012 at 11:43 PM
Investment companies are buying up houses in the area. My worry is that such investment companies may not be in the area - some are out-of-state - and could care less about the neighborhoods, only their bottom line.
Mike Ziak November 20, 2012 at 12:35 AM
There was an article in one of yesterdays papers that talked about companies buying up houses and renting them out. While you can spin the story in a positive way about the jump in sales, the 7% decline in value from last year is not positive and should not be overlooked. I hope the City is ready for an influx of rentals, because it looks like thats whats coming next.

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