Real Estate
New Lenox Sees Boost in Home Sales in October
New Lenox home sales rose slightly this October, compared to October 2011. Check out the numbers and tell us what you think it means for the local housing market.
Two more New Lenox homes were snatched off the market this October, compared to the same month last year, according to statistics from the Mainstreet Organization of Realtors. Last month a total of 21 homes were sold compared to 19 for the same time frame a year ago.
The market for detached, single-family homes in suburbs throughout the Southland saw growth in October, according to MORe. MORe gets its statistics from Midwest Real Estate Data.
People are also willing to pay slightly more for a home in New Lenox, as the median price rose 0.4 percent. The median price for a home in New Lenox is currently at $255,000 compared to $254,000 last year.
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Percentages don't tell the story
Last month, Mayor Tim Baldermann addressed the sluggish market for existing homes. The percentages don't really tell the story. In consideration of the actual numbers—30 homes sold in September 2012 and 21 in October 2012—the picture is still bleak.
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Read "New Lenox Ranked No. 2 in Will County in New Housing Starts"
Another factor contributing to the slow turn-around in existing home sales are the deals that home-builders in a bind are offering customers. The builders, said Baldermann, are looking to unload their inventory of parcels just to stay afloat. How is that accomplished? Home builders are cutting their profit margins and slashing the price of building a new home.
Read "New Lenox Foreclosure Rate Among Lowest in Chicago Area."
See how other Southland communities are faring
Oak Forest experienced the most dramatic percent change in the number of homes sold, with an uptick of 144.4 percent in October 2012 over October 2011. The number of actual homes sold this October was 22, compared to the nine sold during the same period last year.
Palos Heights saw the largest percent drop, with 36.4 percent fewer homes sold year over year in October. That shakes out to 7 homes sold in October 2012 compared to 11 sold in October 2011.
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”
# of homes sold
Median price
Town 2012 2011 % change 2012 2011 % change CHICAGO HEIGHTS 13 11 18.2%
55,000
48,000
14.6% EVERGREEN PARK 17 19 -10.5%120,000
94,000
27.7% FLOSSMOOR 13 11 18.2%234,000
165,000
41.8% FRANKFORT 22 19 15.8%213,000
310,000
-31.3% HOMEWOOD 20 15 33.3%85,000
100,000
299,000
235,000
27.2% NEW LENOX 21 19 10.5%255,000
254,000
0.4% OAK FOREST 22 9 144.4%161,500
175,000
-7.7% OAK LAWN 45 30 50%158,500
164,450
-3.6% ORLAND PARK 34 21 61.9%274,950
245,000
305,000
202,500
50.6% PALOS HILLS 6 4 50%198,000
170,000
16.5% PALOS PARK 7 0 --375,000
199,500
176,300
13.2%Source: Mainstreet Organization of Realtors
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