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Evergreen Park Sees Huge Increase in Home Sales

Representatives from the Mainstreet Organization of Realtors say affordable prices and low interest rates have created a "perfect storm" of buyer-friendly conditions. Evergreen saw a bump of 360 percent in February sales.

Single-family home sales in the Chicago suburbs grew 41 percent in February 2013, compared to the same month in 2012, according to data provided by the Mainstreet Organization of Realtors (MORe). Evergreen Park stayed on trend and saw a large increase in February home sales. 

In the south suburbs, sales in the majority of Patch communities aligned with this trend, with 10 out of 14 towns experiencing an increase in sales, three towns experiencing a sales decrease and one town remaining the same year-over-year.

Evergreen Park saw the most growth in the Southland, with 23 homes sold in February 2013 and only five homes sold one year prior, totaling a 360 percent increase in sales.

Sales in Palos Hills decreased by the largest percentage in the area, dropping from three houses sold in February 2012 to one house sold a year later.

Median home prices decreased in six of the 14 south suburban Patch communities, with prices in Orland Park dropping the most year-over-year, from $280,000 to $210,000, or 25 percent.

In Palos Hills, median prices rose the highest, from $140,000 to $222,000 year-over-year.

Regional growth trends are expected to continue in the coming months

“In many cases the cost of buying a home today is cheaper than renting,” said Tonya Corder, who is the president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “When you factor in affordable home prices and historically low interest rates, today’s market represents a ‘perfect storm’ of conditions that may not exist again in our lifetimes.”

# of homes sold Median price Town February 2013 February 2012 % change February 2013 February 2012 % change CHICAGO HEIGHTS 12 16 -25%

50,000

36,450

37.2% EVERGREEN PARK 23 5 360%

126,450

119,900

5.5% FLOSSMOOR 9 11 -18.2%

136,750

205,000

33.3% FRANKFORT 15 12 25%

312,500

353,500

-11.6% HOMEWOOD 14 11 27.3%

97,500

99,000

-1.5% MOKENA 13 8 62.5%

259,320

265,000

-2.1% NEW LENOX 16 10 60%

170,402

196,500

-13.3% OAK FOREST 13 5 160%

131,000

153,000

-14.4% OAK LAWN 36 30

20%

154,625

140,000

10.5% ORLAND PARK 17 15 13.3%

210,000

280,000

-25% PALOS HEIGHTS 9 3 200%

239,000

210,000

13.8% PALOS HILLS 1 3 -66.7%

222,000

140,000

58.6% PALOS PARK 1 1 0%

365,000

250,000 46% TINLEY PARK

21

7 200%

215,000

206,500

4.1%

SOURCE: Mainstreet Organization of Realtors.

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