Oak Lawn IL Real Estate News

Following are sales statistics from 2006 to 2007. For full information from 2005 go to Oak Lawn IL Real Estate Sales Statistics.

Single Family Homes in Oak Lawn

2007 - 303 units sold - Average sales price was $268,994

2006 - 463 units sold - Average sales price was $275,210

This shows a decrease of 34.6% of total units sold and a decrease of 2.3% in price

Attached Properties in Oak Lawn

2007 - 286 units sold - Average sales price was $142,449

2006 - 358 units sold - Average sales price was $144,212

This shows a decrease of 20.3% of total units sold and a decrease of 1.2% in price

As you can see, there was an all-around decrease. There were large decreases in total units sold for both single family and attached properties. However, the average price decreases weren’t as bad as some areas experienced.

To see what today’s declining prices look like, feel free to search the Oak Lawn MLS.

Hometown IL is different than most southwest Chicago suburbs since it is made up of mostly duplex style properties. I believe there are around 7 single family residences in Hometown so it’s difficult to find a true comparison from one year to the next.

• In 2006 one single family home was sold for $204,000
• Not one single family property was sold in 2007

Because of the small amount of detached homes in Hometown it is difficult to make a true year-to-year comparison.

However, we can certainly compare the Hometown duplexes as follows:

2006 - there were 64 duplexes sold at an average sales price of $158,553

2007 - there were 55 duplexes sold at an average sales price of $160,955

That is a decrease of 14.1% in total duplexes sold from 2006-2007 but unlike many surrounding suburbs there was a 1.5% average price increase. It’s nice to see that Hometown duplexes not only held their prices but had a small increase. I believe that because Hometown is such an affordable alternative to those looking for a condo or townhouse that there is always going to be buyers looking in this special little town.

Go to the website page for Hometown IL Sales Statistics to see information from 2005. Or search the Hometown MLS if you’d like to compare a Hometown duplex to a local condominium. With Hometown you get your own yard and can decorate your place and have pets without a monthly maintenance fee.

[where: 60456]

Following are sales statistics for Hickory Hills comparing 2006 to 2007 figures.

Single Family Homes in Hickory Hills

2007 - 52 units sold - Average sales price was $279,741

2006 - 68 units sold - Average sales price was $299,873

This shows a decrease of 39.8% of total units sold and a decrease of 6.7% in price

Attached Properties in Hickory Hills

2007 - 50 units sold - Average sales price was $161,711

2006 - 75 units sold - Average sales price was $152,594

Statistics for attached properties (condos, townhomes, duplexes, etc.) show a decrease of 33.3% in total sales but a 6% increase in average sale price.

Any kind of increase is a positive thing, especially when many towns are showing all-around decreases in amount of properties sold and average sale prices. However, as I’ve mentioned in other posts, I believe we’ll see more decreases when we compare 2008 sales to 2007.

To view these statistics with percentages and to compare them with 2005 sales click the link for Hickory Hills real estate sales statistics.

Search the Hickory Hills MLS for all active properties for sale.

If you’re looking to buy and or sell a property in Evergreen Park give Judy Orr a call at 708-536-8200 or send Judy a note.

[where: 60457]

Justice IL real estate sales comparing 2006 to 2007 offers a mix of ups and downs. Statistics are as follows:

Single family sales:
2006 2007
Homes sold = 61 Homes sold = 29
This is a whopping 52.5% decrease in the amount of homes sold!

Avg. sale price = $255,363 Avg. sale price = $267,672
Unlike many other Chicago suburbs, this was an increase of 4.8%

Attached Properties (condos/townhomes)
2006 2007
Units sold = 66 Units sold = 31
Another huge decrease in units sold of 53%.

Average sale price = $190,328 Average sale price = $201,308
A huge decrease in sales but a price increase of 5.8%

Search the entire active Justice MLS. If you’re interested in purchasing a property in Justice give Judy a call at 708-536-8200 or contact me.

[where: 60458]

The price for single family residences in Evergreen Park actually increased a little bit from 2006 to 2007.  Attached properties (condominiums/townhomes) didn’t fare so well but any price increase is a good thing.  I doubt there will be increases anywhere comparing 2007 to 2008.

Single Family Homes in Evergreen Park

2007 - 192 units sold - Average sales price was $229,786

2006 - 227 units sold - Average sales price was $225,800

Attached Properties in Evergreen Park

2007 - 3 units sold - Average sales price was $110,066

2006 - 11 units sold - Average sales price was $119,836

As you can see, Evergreen Park doesn’t have many attached properties in any given year. 

To view these statistics with percentages and to compare them with 2005 sales click the link for Evergreen Park real estate sales statistics. 

If you’re looking to buy and or sell a property in Evergreen Park give Judy Orr a call at 708-536-8200 or send Judy a note.

Chicago Ridge had a drop all around for amount of sales from 2006 to 2007 and sales price. Many towns had a drop for one statistic and a gain in another. But Chicago Ridge showed decreases all around:

Single family homes: 60 homes sold in 2006 - only 37 sold in 2007
Average sale prices: $242,681 average sale price in 2006 - $226,254 average sale price in 2007

Condo/townhomes: 124 units sold in 2006 - only 114 units sold in 2007
Average sale prices: $136,922 average sale price in 2006 - $131,685 average sale price in 2007

I can guarantee that with the 2008 real estate market we will see further decreases with next year’s sales statistics. But no one knows if we’ve reached the bottom yet or if prices will continue to drop before they finally level out and start appreciating again. This could be a great time to purchase a property and if you don’t have to sell something first you have a good chance of making a wise investment.

I’d like to remind buyers that real estate should not be considered a quick investment but should be thought of as something you would hold onto long-term if you intend to build equity. The Seller’s Market we experienced some years back was a market I had never experienced in the 25 years I’ve been selling real estate.

It started with low interest rates and easy financing and I will finally admit it, the bubble did break. In the Midwest we’re not seeing huge drops like on the west coast and areas that were building up quickly like Las Vegas. But we are still seeing that there is way too much inventory than available buyers. With mortgage providers continually closing their doors and stricter guidelines, I truly cannot foresee when this inventory will let up. If you use a certain mathematical formula called the “absorption rate,” some areas are showing more than 2 years worth of inventory based on the current market activity. Imagine that!

You can find the full details of Chicago Ridge Real Estate Sales Statistics for the past few years by clicking on the link.

If you would like to view Chicago Ridge real estate give Judy Orr a call at 708-536-8200 or use the Contact Form.

Like many southwest suburbs, Burbank Real Estate sales for 2007 took a drop in total sales compared to 2006. 35.4% less homes were sold in Burbank in 2007 compared to the year before. However, home prices showed a modest increase of .5%.

Attached properties (condos and townhomes) showed double decreases in amount of units sold (a drop of 33.3%) and a price drop of 1.8%.

Find out more details with exact figures by clicking on Burbank Real Estate Statistics.

If you’re looking to buy and/or sell a home in Burbank IL please give Judy Orr a call at 708-536-8200.  Our busy season will be ending towards the end of summer so don’t wait too long to get your property on the market.

Over the weekend I saw people eating at the cute Corner Bakery located at Green Oaks Shopping Mall at 95th & Cicero.  The restaurant is located as an outbuilding in front of the Staples and Men’s Warehouse stores.  It was nice weather out and there were alot of people sitting on the covered patio.  It didn’t feel like I was in Oak Lawn!

When I got to the door I was dismayed to see a sign up saying it was a private party and I’d have to wait a few days for it to be open to the public.  I have only eaten at one other Corner Bakery and it is the one in the Field Museum. 

Last night I had a listing appointment so got home late.  My husband and I decided to dine out and I remembered about the Corner Bakery.  The line was kind of long but it moved quickly.  Unlike places like Potbelly and Panera, at Corner Bakery you place your order and take your number to your table and your meal is delivered to you.

As I was eating my sandwich I wasn’t too crazy about it.  I had ordered 1/2 a D.C. Chicken Salad sandwich & a cup of soup, similar to Panera Bread’s Pick-Two offering.  I wasn’t impressed and it didn’t seem like chicken salad to me.  I finally opened up the sandwich to notice it was larger pieces of chicken.  I went back to the cashier and told him I think I had the wrong order.  They brought me the correct sandwich and it was excellent.  What they had given me was Chicken Basil or something that was pretty bland. 

They took care of me right away and I know they’re going through first-time opening jitters so it was no big deal.  Also different from other fast-food sandwich shops is the fact that they clean up after you.  My husband and I always disagree when we eat at places like Panera Bread as I always clean off the table and my husband says I’m taking the employee’s job away.  But when I see the garbage set-ups I always clean up.  There was nothing like this at Corner Bakery.

I’ll look foward to trying their other items, although I’ll probably be getting that chicken salad sandwich most of the time.  It had apple & currants in it and I have a feeling it’s going to be my signature dish at the Corner Bakery.  I love the new restaurants coming to Oak Lawn and I’m still waiting for Steak ‘n Shake (I’ll be in trouble)!

Comparable Sales Statistics for Bridgeview IL Real Estate from 2006-2007

If you read through the sales statistics on this website you’ll see a difference between every town. Total sales and prices were down from 2006-2007 for Bridgeview, IL. Use the Bridgeview Real Estate Sales Statistics link for data from 2005-2007.

These figures represent a 37% drop in total properties sold and a 3.4% price decrease. The decrease in homes sold is quite substantial and it feels like 2008 will be even worse.

The attached property sales figures represent a 6.7% increase in units sold but a large price decrease of 17.4%

The above figures show that all in all Bridgeview sales and prices have declined with the exception of a slight increase in condo/townhouse sales (only 2 more units sold from ‘06 to ‘07). I believe we will see further decreases and no one knows when the market will start improving.

This is another reason it is difficult creating a Comparative Market Analysis in many areas showing such decreases. We cannot compare prices from 2007 to today’s market values with increased inventories and market time. I’ve been hearing more about low appraisals so that is another aspect of selling that home sellers need to keep in mind.

Because of declining prices and increased inventory, it’s a great time to buy Bridgeview real estate. Give Judy Orr a call at 708-536-8200 or use the Contact Form if you’d like to view any Bridgeview homes for sale. Or check the Bridgeview MLS to search every single active listing for a Bridgeview real estate search.

I don’t normally post anything like this in such a local blog, especially since it is geared toward real estate professionals. But I recently joined a contest called The Greatest Real Estate Agent in the World. I didn’t enter as an individual but joined a group of ten. We won!

Because we were a group we decided to offer the prize up for raffle. This is where non-real estate professionals will not benefit, but this is such a good cause I felt the need to mention it. Anyone can join but the winner must be a real estate agent. The prize is a real estate website package that is worth close to $5,000. Maybe you know a real estate agent that would want to join the raffle or just donate yourself and give the prize to a friend or family member that is in the business (or me)!

The raffle is for The Eco Preservation Society and is geared to saving the Mono Titi’s, which are darling little squirrel monkeys in Costa Rica. Costa Rica is the latest hot spot for real estate and the building is depleting the natural animal habitat in this flourishing country.

Raffle tickets are $35.00 each or 4 for $100.00. This is for a great and legitimate cause. You can read more about it by clicking on: Save the Monkeys of Costa Rica Raffle.

Photo courtesy of Flickr photos and provided by christinamcraft