General Real Estate; Real Estate Sales Statistics; Oak Lawn @ 10 Feb 2012 03:05 pm by judyorr
The stats are in on single family Oak Lawn homes sold in 2011, and there are ups and downs.
| # of Homes Sold | % Change | Average Sale Price | % Change |
| 2011 | 2010 | 2011 | 2010 | ||
| 326 | 298 | 9.4% | $165,791 | $198,035 | -16.3% |
There were 9.4% more homes sold in 2011 vs. 2010, which is positive news. The buyers are coming out and taking advantage of continued low interest rates and unfortunately for sellers, continued low prices.
And that is where the news becomes dismal, average prices fell once again by double digits -16.3%. Oak Lawn is being hit hard with price depreciation. Consider this - my record of Oak Lawn real estate sales statistics showed the average sale price in 2005 of $261,581. In 2011, there was almost a $100,000 decrease!
That makes it easy to see why we’re seeing so many short sales and foreclosures. People that bought during the time of inflated prices cannot refinance to these wonderfully low interest rates and are stuck with their original rates and mortgage balance, which is most likely higher than what they could sell for now unless they had put a big down payment on the house.
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