O-L Home Sales Remain Flat as Chicago-Area Market Hits 6-Year High

There's good news and bad news for Oak Lawn's real estate market, while sales remain flat the average price of homes sold increased. Check out the numbers and tell us what you think it means for the local housing market.

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.

In Oak Lawn home sales in September remained for this same time period last year. Last month 33 homes were sold in the village, while a total of 33 were sold in September 2011. 

However, the average price of those sales showed an increase. In September 2011 the average price of a home sold in Oak Lawn was $162,848, while this year that number jumped to $181,400, according to the data. That's an increase of 11.4 percent

Tinley Park saw the greatest increase in the area, with the number of homes sold increasing 107.1 percent in September 2012 over September 2011, according to the Mainstreet Organization of Realtors (MORe). The average price of those homes sold jumped by 24.8 percent year over year.

Palos Hill's market was the most sluggish, with the number of homes sold falling 42.9 percent in September 2012 compared to September 2011. (The sample size in Palos Hills, however, was small, with four homes sold in 2012 and seven sold in 2011.)

Across the Chicago area, the number of homes sold in September rose by 22 percent over September 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 spokeswoman 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

YOUR TURN: What do you think these numbers say about the housing market in Tinley? Is it on the upswing for the long haul? Or is this just a short-term blip? Share you thoughts in the comments section. 

Other Real Estate Stories You Might Like:

  • Sold! Local Home Sales: Oct. 11 Edition
  • PatchList: South Suburban Rental Properties
  • For Sale: Oak Lawn Foreclosures

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OakLawnGuy October 17, 2012 at 01:12 PM
I think the avg price remained steady because higher end houses have sold more often, but their sale prices reflect a drop from their value of 7-8 years ago. The fact that the same number of houses sold is good, at least it's not a drop. I wonder if the percentage has decreased, as it appears that financial institutions have finally been listing some foreclosures they may have been sitting on.
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