Forest Park Sees October Home-Sales Fall Flat

Forest Park's real-estate market experienced less dramatic boom in home sales in October than other neighboring communities, which saw sales increase dramatically in some cases.

The number of actual homes sold this October was four—the same as during the same period last year.

Forest Park also saw the sale price on home sold drop by nearly 26 percent.

Nearby Oak Park and River Forest both saw an increase in home sales in a year-to-year comparison. Oak Park saw a dramatic increase of 72 percent. However, both towns also saw sale prices on home come down. River Forest was hurt the most by this, seeing a nearly 30 percent decrease in sales price.

The market for detached, single-family homes in suburbs throughout west Cook County saw growth in October, according to the Mainstreet Organization of Realtors (MORe). MORe gets its statistics from Midwest Real Estate Data.

Overall across the Chicago suburbs, sales of single-family detached homes rose 44.6 percent in October over the same month in 2011, according to MORe. 

MORe predicts November will be another month of local housing market growth, as the number of detached homes under contract in October 2012 was 65.8 percent higher than in October 2011. 

“2012 has already been a strong year for the housing market, and we are seeing activity continue to increase,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.

“Affordable home prices and historically low interest rates have created a rare opportunity for buyers. We are actually back to the point where we are seeing multiple offers on properties.”

148,500

200,500

467,500

377,750

238,400

221,500

290,000

305,000

327,500

407,500

435,000

625,000

380,950

357,000

Source: Mainstreet Organization of Realtors