Oak Lawn Homes For Sale - Sales Statistics for First Quarter 2011
The chart below shows how sales of Oak Lawn homes fared for the first quarter of 2011 compared to 2010, and it isn’t pretty.
Single Family Oak Lawn Homes - 1st Quarter 2011
# of Properties Sold
% Change
Average Sale Price
% Change
2011
2010
2011
2010
53
71
-25.4%
$172,734
$196,041
-11.9%
Unfortunately, there are double digit decreases in the amount of Oak Lawn homes sold and average prices. I have watched in amazement as prices continue to drop in this popular village. Have we reached bottom yet, will prices continue to drop? I clearly remember when average prices of Oak Lawn homes were in the $200,000’s.
In fact, in looking over my Oak Lawn real estate sales statistics since 2005, 2006 showed the highest average price of homes was $275,210. That was when the market inflated, and I never expected those prices to continue, but look at the difference. It is mind boggling.
If you are a seller you need to realize that this is today’s market. If you purchased your home in 2006, it might be best to hold onto it if you don’t really have to sell. Unless you can afford to lose equity, you might need to put off getting a larger home or downsizing.
As a buyer, you can get a lot of house for the money in Oak Lawn today. Give Judy Orr a call at 708-536-8200 if you’re looking to live in Oak Lawn, or any other southwest suburb. Feel free to use my contact form.
One-level living - no stairs! Click the address link below the photo for a full website dedicated to this ranch style home that offers a lot of opportunity. It currently has 3 bedrooms, 1 bathroom, kitchen, eating area/laundry (this room could be a nice family room), formal dining, living room, office/den (could be converted to a master bathroom) and a small extra room off the spacious master bedroom addition that could be a walk-in closet, sewing room, office or whatever you want it to be. Make this house how you need it at this affordable price (click link above to see).
There is also a 2 car garage with a side drive and a nice sized back yard. The location is minutes from the Oak Lawn Metra train station by car. The single property website (address link above) has multiple photos and much more so take some time to view it.
This will show you actual supply and demand for single family Oak Lawn homes for sale for 2009-2010. As you can see, even in the small thumbnail, that there is still way too many homes up for sale (represented by the red line) vs. those under contract (blue line) and sold and closed homes (green line). Even putting the blue and green lines together, there is no question that there is still too much inventory for buyers to choose from, which is what creates a Buyer’s Market.
What I like about these charts is that you can see what months had the most homes go under contract (June in ‘09 and April in ‘10) and the most homes that sold and closed (November in ‘09 and June in ‘10). I was expecting last April, 2010 to have the most deals go under contract as that was the final month of the Home Buyer’s Tax Credit.
Keep in mind, not every home that goes under contract will make it to closing, and there is no set time for specific closings to take place. Financing options and issues sometimes create needed closing extensions.
In 2010, it makes sense that with the high amount of Oak Lawn homes under contract that there was a high amount of closings two months later, in June. But when you look at 2009 stats, the high month of accepted contracts in June does not show a specific coincidence of closings 2 months after. It almost appears that there might have been some quicker, 30 day closings since July had a high closing count. In today’s tighter mortgage market, closings are once again taking 2-3 months.
One of our favorite local Chinese restaurants is Ing’s Palace in Bridgeview, IL. It is located at 8900 S. Harlem Ave. on the west side of the street.
Service is quick and friendly and portions are huge. We usually order a fried rice dish and two entrees and share. We always have leftovers to take home and have another meal or two. Alcohol is available with a selection of beverages. You can also order take-out food. The phone number is (708) 598-9555.
The stats are in! I’ve been looking forward to these figures this year more than any other with our current declining market.
Single Family Oak Lawn Homes
# of Properties Sold
% Change
Average Sale Price
% Change
2010
2009
2010
2009
297
313
-5.1%
$198,103
$196,518
0.8%
When I created the 1st half of 2010 Oak Lawn homes sales stats, I was hoping for a better year. It showed a double digit increase in homes sold and a higher price increase. We have to remember that the Home Buyer’s Tax Credit was still available up to the end of April, and a lot of homes were sold prior to the expiration. That caused better sales data for the 1st half of the year.
In 2009, there was actually a double digit increase in the amount of single family Oak Lawn home sales, but there was also a double digit price decrease. So I think Oak Lawn residents would rather see a little price increase and accept that less homes have sold this year compared to last. There are still towns showing decreases all around, so any increase is good news.
To compare Oak Lawn homes sales statistics from 2005, click the link. If you’d like to have the chance of getting into Oak Lawn while prices and interest rates are still low, call Judy Orr at 708-536-8200 or fill out the Contact Form.
There are predictions that many areas will see decreasing prices in 2011, some in double digits. Although I don’t expect a drastic drop in the prices of Oak Lawn homes, I am expecting prices to continue to drop before they once again become stable. Many aren’t predicting prices will level off for another couple of years or longer.
Interest rates are edging up and prices are dropping. It is becoming more difficult to qualify for a mortgage. However, I believe prices are already low enough that any buyers thinking of purchasing a home should do so before interest rates get even higher.
I have done calculations that show that up to a certain point, a lower interest rate on a higher priced home will save you money. It really does make a difference! If you’re still on the fence about buying, I can help get you pre-qualified and you can see what you can get for your money.
A buyer has a lot to choose from and can pick out the cream of the crop listings. Check out the Oak Lawn homes search now (will open a new page) that you can customize.
On Christmas Eve, the holidays will be over with soon and we’ll be entering a new year. My predictions, based on studies I have read, are that real estate will see continued decreases in price. We have been seeing increases in amount of sales in most areas, but prices have continued to drop. Just as I was amazed at the pace prices increased during the booming seller’s market, I am now amazed at how low prices are going.
Of course, part of the reason behind the reduced home prices are the glut of foreclosures and short sales. These homes need to be priced under market value in order to quickly clear inventory (for foreclosures), or to attract buyers (for short sales). Even if an area has more regular sales vs. distressed, prices still deteriorate because of the distressed properties.
All in all, even with rising interest rates prices are low right now. They might go lower in 2011, but if interest rates rise enough that will cancel out the lower prices.
Once the holidays have passed, if you’re interested in Oak Lawn homes you might want to get a jump on the spring market. Once the market gets busier you are up against other buyers. If you find a great deal you might be involved in a bidding war, which brings the price up. Give me a call at 708-536-8200 or use my contact form.
As you go through my blog you will see some Featured Listings with a photo that looks like a website. If the property is still actively listed you will be able to click through to the single property website created for that particular listing. Below is a sample single property website created for an Evergreen Park home. We do have an accepted offer but it is still considered active until it closes and it is just an example.
Buyers love these single property websites
If a For Sale sign is put up on a home I can use a rider that provides the url for this website plus a text number to get immediate information. This entire website (without my information) is provided as the virtual tour link on the MLS (multiple listing service). An interested buyer can bookmark the entire site and come back to it at any time.
This website offers data not found on many other real estate sites. Most real estate portals limit the amount of photos they will show, and the single property site usually has more photos than most sites allow. They can see full HD versions of the photos from the single property website instead of trying to view small pictures.
Buyers can share the website and can set up appointments right on the site. If you are interested in listing your property and would love to have your home highlighted on its very own website, give Judy Orr a call at 708-536-8200 or e-mail Judy.
# of Houses Sold | % Change | Average Sale Price | % Change
2009 | 2008 | | 2009 | 2008 |
53 48 10.4% $211,196 $268,754 -21.4%
Attached Hickory Hills Condos and Townhomes Sold
Attached single family is the combination of Hickory Hills condos, townhomes, duplexes, etc.
# of Properties Sold | % Change | Average Sale Price | % Change
2009 | 2008 | | 2009 | 2008 |
17 28 -39.3% $131,437 $145,159 -9.5%
Like most areas, there were more single family Hickory Hills homes sold in 2009 than in 2008, but prices continued to go down. In fact, this is the largest price decrease for single family homes since 2005 per my sales statistics page (link below). However, the sale of Hickory Hills condos and townhomes took a big plunge, both in units sold and a price decrease.
# of Houses Sold | % Change | Average Sale Price | % Change
2009 | 2008 | | 2009 | 2008 |
33 20 65% $167,221 $235,104 -28.9%
Attached Justice Condos and Townhomes Sold
Attached single family is the combination of Justice condos, townhomes, duplexes, etc.
# of Properties Sold | % Change | Average Sale Price | % Change
2009 | 2008 | | 2009 | 2008 |
23 16 43.8% $136,174 $172,687 -21.1%
Like most towns, the good news is that sales increased for both Justice homes for sale and Justice condos and townhomes from 2008 to 2009, and the increases were in double digits for both types of properties. The bad news was there were double digit drops in average sales prices for single family homes and attached properties (condos, townhomes, duplexes, etc.).
Disclaimer: Statistics provided using data from Midwest Real Estate Data LLC. The Association makes no claim as to the accuracy of this data and has provided this data as a service to their members.
It is good to know that more people came out to buy and it makes sense since prices dropped, making Justice real estate more affordable. To seel all Justice Real Estate Sales Statistics beginning in 2005, click the link. If you’re interested in buying or selling in Justice, give Judy Orr a call at 708-536-8200 or use the Contact Form. Better yet, fill out the Home Finder Form to get listings sent directly to your e-mail.
