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Palos Sees Extremes in Home Sales as Chicago Area Hits Six-Year High

The bulk of the Chicago area saw a bump in year-over-year comparisons.

Home sales in the Chicago area during September were at a six-year high, according to a recent RE/MAX report—and most of the Southland saw a similar boost.

Palos Heights and Palos Park experienced some of the biggest increases in the area. Palos Heights saw home sales jump by 60 percent in Sept. 2012 over Sept. 2011, according to the Mainstreet Organization of Realtors (MORe). Palos Park sales spiked 75 percent in the same year-over-year comparison.

Palos Hill's market was the most sluggish, both in the Palos area and among Southland towns, with the number of homes sold falling 42.9 percent in Sept. 2012 compared to Sept. 2011.

(Note: The sample sizes in all three Palos towns were small, compared to most other Southland towns in the report.)

Across the Chicago area, the number of homes sold in September rose by 22 percent over Sept. 2011, according to RE/MAX. At 7,396 transactions, it was the busiest September for home sales since 2006.

“We continue to see good news in the Chicagoland housing market,” said Laura Ortoleva, media spokesperson for the RE/MAX Northern Illinois real estate network. “Sales are up, average days on the market continue to drop and home prices are stabilizing. These are trends everyone likes to see.”

# of homes sold Avg. price Town 2012 2011 % change 2012 2011 % change CHICAGO HEIGHTS 19 12 58.3% 47,468 47,116 0.8% EVERGREEN PARK 17 18 -5.6% 120,617 131,355 -8.2% FLOSSMOOR 10 9 11.1% 155,600 257,055 -39.5% FRANKFORT 19 16 18.8% 328,805 331,031 -0.7% HOMEWOOD 14 11 27.3% 105,942 116,444 -9% MOKENA 14 11 27.3% 250,285 315,318 -20.6% NEW LENOX 30 15 100% 235,225 264,710 -11.1% OAK FOREST 15 13 15.4% 162,733 168,284 -3.3% OAK LAWN 33 33 0% 181,400 162,848 11.4% ORLAND PARK 22 19 15.8% 275,318 283,942 -3% PALOS HEIGHTS 8 5 60% 254,612 340,400 -25.2% PALOS HILLS 4 7 -42.9% 173,682 214,257 -18.9% PALOS PARK 7 4 75% 262,000 303,915 -13.8% TINLEY PARK 29 14 107.1% 229,024 183,507 24.8%

Source: Mainstreet Organization of Realtors

By Lauren Williamson

Concered Citizen October 22, 2012 at 04:07 AM
"“We continue to see good news in the Chicagoland housing market,” said Laura Ortoleva, media spokesperson for the RE/MAX Northern Illinois real estate network."- Not if you live in Palos Hills. Prices keep dropping here. We made it through the recession without going underwater and have been paying down the mortgage and are now closer to being underwater than ever.

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