DOWNERS GROVE, Ill. – Sales of single-family, detached homes in suburban Chicago increased 29.1 percent in May 2013, compared with the same period a year ago, according to statistics released by the Mainstreet Organization of REALTORS® (MORe).
MORe’s region – which includes about 200 communities in DuPage, Lake and suburban Cook counties – experienced notable sales gains last month, as reflected in information provided by Midwest Real Estate Data, LLC.
The momentum is expected to continue as the number of detached homes under contract in May grew by 45 percent in those same communities.
The median sale price for detached homes also increased 8.3 percent from the previous May, marking the third month in a row of year-over-year price growth.
“Buyers need to come in aggressively with their first price, especially on moderately priced homes in good condition,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “We are seeing multiple offers and people writing contracts on properties the day they come onto the market.”
As the housing market works through its backlog of distressed properties, Corder noted, the level of competition and activity should continue to increase.
“There is a buzz going on in real estate right now,” she said. “People want to take advantage of this market.”
In a year-to-year comparison of sales of single-family detached homes, several suburban communities saw increased sales activity including Burr Ridge (183 percent increase from May 2012); Country Club Hills (131 percent); Homewood (200 percent); Lemont (160 percent); Leyden Township (157 percent); and Vernon Hills (140 percent).
MORe is dedicated to anticipating and serving the needs of more than 14,000 REALTORS®, affiliates and licensed appraisers in South, West and Northwest Suburban Chicagoland. MORe is the largest local REALTOR® member organization in Illinois and the fourth largest in the nation. To learn what a REALTOR® can do for you, visit www.succeedwithmore.com.