Flossmoor Homes Selling for Nearly 40 Percent Less Than Last Year
Homewood and Flossmoor both experienced a boost in home sales since last September as 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.
Homewood saw a significant increase, with the number of homes sold increasing 27.3 percent in Sept. 2012 over Sept. 2011, according to the Mainstreet Organization of Realtors (MORe). Flossmoor saw an 18.8 percent in the same category.
The most jarring number for the H-F area is the nearly 40 percent drop in average selling price for homes in Flossmoor over the course of just one year. Homewood saw a nine percent drop in the same category.
Palos Hills' market was the most sluggish, with the number of homes sold falling 42.9 percent in Sept. 2012 compared to Sept. 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 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
Nick002
8:21 am on Wednesday, October 17, 2012
The average selling price in a community is totally dependent on which homes sell in a given month - higher priced or lower priced. It fluctuates a great deal and is NOT an indication that the average home lost 40% in value in the past year.
Geoff
1:34 pm on Wednesday, October 17, 2012
Although a little off topic....After just barely making the terms for a re-fi, I can state for a fact that our house in Homewood lost ALL ten years of equity that had accumulated since 2002. Our house went down from approx 200K to 112K. What can you do? Not a damn thing. This is a result of pure greed and the unregulated banking and mortgage lending industries prior to the laws that were passed by the current administration.
Shiva Om
4:05 pm on Wednesday, October 17, 2012
Always making our community look strong with your positive "spin." NOT.
Geoff
4:15 pm on Wednesday, October 17, 2012
The truth is in the numbers.
lea smith
9:42 pm on Wednesday, October 17, 2012
Thanks Obama.
Geoff
10:06 pm on Wednesday, October 17, 2012
Here we go again, someone else blaming the President for the problems he inherited! He inacted the reforms that should keep the banks from doing it again.
lea smith
3:30 am on Thursday, October 18, 2012
OHHKAYY.....it's time for a change...problems inherited?....that's why each term is 4 years, ample time to show some kind of improvement. Wake up.
Joel
11:23 pm on Wednesday, October 17, 2012
This bubble was started a long time ago. The Fed is the problem. People need regulations or it will sooner or later run amuck.
Geoff
12:48 pm on Thursday, October 18, 2012
When you have banks holding on to foreclosed houses and foreclosures making up the majority of sales, the market is not coming back soon. This is NOT Obama's fault. His admin. have done all they can trying to keep the market from getting even worse. I don't care who is president it is not going to happen soon. Banks made trillions selling mortgages at 125% of the properties worth with NO job or credit to people and at the same time selling THE SAME thousands of crap mortgages bundled together to make more money. They are the problem!
Ron Wexler
1:10 pm on Thursday, October 18, 2012
The loss of value is not a local issue. I work with Realtors around North America adn its definately a national issue, though some areas are doing better than others. The 40% number is not even close to reality...like most of the nation we may have lost 30-40% over the last 4-5 years. I am not sure what catagory Remax got that number from, and would guess its just an error. Of course the numbers change a little just based on which homes sold in a given month. If you want to see actual sales around your home try PriceMeFree.com Prices vary so much from area to area generalizations don't really tell the story.
Geoff
1:43 pm on Thursday, October 18, 2012
You must have had more than your share of headaches since 08! Sure is a national issue but I'm sure you know that in the past, Chicago never experienced the ups and downs that the coasts, Florida and Vegas areas did. All the norms are thrown out the window now!
Juvenal
5:07 pm on Monday, October 22, 2012
Is there a "Statistics for Reporters" class you guys can take? In a community with such a wide variety of price points and a small number of sales (just 9 last year) the addition of just one or two high (or low) priced houses into the comparison groups can skew the numbers completely. Headlining a 40% drop in one year is simply irresponsible; it's basically journalistic '"block-busting."
Bill
10:16 pm on Sunday, October 28, 2012
Hats of to Juvenal,for having common sence........