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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

Southside2 October 18, 2012 at 05:48 PM
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 October 18, 2012 at 06:10 PM
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.
Southside2 October 18, 2012 at 06:43 PM
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 October 22, 2012 at 10:07 PM
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 October 29, 2012 at 03:16 AM
Hats of to Juvenal,for having common sence........

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