Real Estate

Home Sales in Forest Park Up by 200 Percent: December Home Sales

Forest Park real estate market sees a big jump in December.

The nine detached, single-family homes sold during December in Forest Park represented a 200 percent increase over December 2011, according to the Mainstreet Organization of Realtors (MORe).

There were 10 homes sold in Forest Park during November.

The median price of homes sold in Forest Park during December (235,000) was 74.1 percent higher than the median price of homes sold during December 2011 ($500,000). 

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

Forest Park and La Grange Park tied for the largest percent increase, with 200 percent more homes sold year over year in December. In Forest Park, there were three homes sold that month in 2011 and nine in 2012. There were four homes sold in La Grange Park during December 2011 and 12 sold in December 2012.

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La Grange saw the smallest amount of growth, with 18.2 percent more homes sold year over year in December. That shakes out to 13 homes sold in November 2012 compared to 11 sold in December 2011.

Overall across the Chicago suburbs, sales of single-family detached homes rose 17.1 percent in December over the same month in 2011, according to MORe. 

MORe predicts January will be another month of local housing market growth, as the number of detached homes under contract in December 2012 was 58.3 percent higher than in December 2011. 

“We are cautiously optimistic for 2013, but that doesn’t mean people should wait to take advantage of this market,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Interest rates will rise as the economy improves, making it more expensive to finance the purchase of a home.”

# of homes sold Median price Town 2012 2011 % change 2012 2011 % change FOREST PARK 9 3 200%

235,000

135,000

74.1% LA GRANGE 13 11 18.2%

520,000

447,500

16.2% LA GRANGE PARK 12 4 200%

258,500

192,500

34.3% LEMONT 11 7 57.1%

352,500

286,000

23.3% OAK PARK 25 17 47.1%

395,000

297,000

33% RIVER FOREST 6 3 100%

892,000

460,000

93.9% WESTERN SPRINGS 13 9 44.4%

385,000

500,000

-23%

Source: Mainstreet Organization of Realtors


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