Community Corner
Home Sales Double in Western Springs Compared to Feb. 2012
Median home prices also increased in the 11 houses sold during February 2013.
The 11 detached, single-family homes sold in Western Springs during February represented a 120 percent increase from February 2012, when five homes were sold, according to the Mainstreet Organization of Realtors (MORe).
Median home prices were also up in February. The median price rose 14.9 percent to $455,000 from $326,000 during February 2012.
This also shows an improvement over .
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The market for detached, single-family homes in suburbs throughout west Cook County saw growth in January, MORe reported. MORe gets its statistics from Midwest Real Estate Data.
River Forest saw the largest percent increase, with 400 percent more homes sold year over year in February. There were 10 homes sold that month in 2013 and two in 2012. La Grange joined Lemont as the only western suburbs listed to see median home prices drop.
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Overall across the Chicago suburbs, sales of single-family detached homes rose 33 percent in February over the same month in 2012, according to MORe.
The momentum is expected to continue as the number of detached homes under contract in February grew by 50 percent in those same communities.
“In many cases the cost of buying a home today is cheaper than renting,” said Tonya Corder, 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 Feb. 2013 Feb. 2012 % change Feb. 2013 Feb. 2012 % change BURR RIDGE 36 30 20% 585,000 317,500 84.3% ELMHURST 24 22 9.1% 403,750 282,500 42.9% FOREST PARK 7 3 133.3%240,000
82,000
192.7% HINSDALE 16 10 60% 1,135,000 448,750 152.9% LA GRANGE 6 9 -33.3%372,500
257,000
44.9% LA GRANGE PARK 6 4 50%316,638
240,000
342,000
312,000
9.6% OAK PARK 18 15 20%255,000
345,000
-26.1% RIVER FOREST 10 2 400%577,500
495,500
16.6% WESTERN SPRINGS 11 5 120%455,000
326,000
14.9%Source: Mainstreet Organization of Realtors
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