Forest Park Home Sales up 183% in May '13

The 17 detached, single-family homes sold in Forest Park during May represented a 183 percent increase from May 2012, when just six homes were sold, according to the Mainstreet Organization of Realtors (MORe).

The median price of homes sold in May, however, decreased compared to last year, dropping 20 percent to $170,000 from $212,450 in May 2012.

The market for detached, single-family homes in suburbs throughout west Cook County saw growth in May, MORe reported. MORe gets its statistics from Midwest Real Estate Data.

In the near west suburbs, Burr Ridge and Forest Park saw the largest percent increase in sales, with 183 percent more homes sold year over year in May. Burr Ridge also had the highest percentage increase in median price.

The momentum is expected to continue as the number of detached homes under contract in May grew by 45 percent. 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.”

Source: Mainstreet Organization of Realtors