Real Estate
May Home Sales: Prices, Sales Stay Relatively Steady in Palos
Year-over-year, Palos Park saw a reduction in the number of homes sold during the month of May. Palos Heights and Hills remained steady on sales, while median home prices increased for all three, according to the Mainstreet Organization of Realtors.
Palos Park saw fewer homes sold last May compared to May 2012, while Palos Heights and Palos Hills remained more steady on sales, according to the Mainstreet Organization of Realtors (MORe).
Median prices for homes in all three municipalities rose over the previous 12 months.
Five homes were sold in Palos Park during May 2013, down from nine homes sold in May 2012. Though the median house price rose to $380,000 up from $350,000 in May 2012.
Palos Heights saw 10 homes sold in May 2013, against nine homes sold in May 2012, with median prices holding steady as well at $238,751, up slightly from $237,000 in May 2012.
Palos Hills saw a slight decrease in homes sold, down to nine from 10 in May 2012, but median prices rose to $215,000, up from $190,500 in May 2012.
Sales of single-family, detached homes in suburban Chicago increased 29.1 percent in May 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information on in DuPage, Lake and suburban Cook counties—experienced notable sales gains last month.
Sales momentum is expected to continue in those communities, as the number of detached homes under contract in May grew by 45 percent in those same communities, according to MORe.
Competition in the housing market is going to continue as the market works through a backlog of distressed properties, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.
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“Buyers need to come in aggressively with their first price, especially on moderately priced homes in good condition,” Corder said “We are seeing multiple offers and people writing contracts on properties the day they come onto the market. ... There is a buzz going on in real estate right now. People want to take advantage of this market.”
Patch's Mary Ann Lopez contributed to this report.
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