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Yorkville Home Sales Off Slightly in October

Yorkville home sales drop slightly in October from 2011 levels.

Real estate sales for singlefamily homes fell slightly for October in comparison to 2011 sales, according to statistics compiled by the Mainstreet Organization of Realtors (MORe).

There were 17 houses sold in Yorkville last month, down from 18 sold in October 2011. The median price of Yorkville house sales was $240,000, up from $185,813 in October 2011.

Overall market for detached, single-family homes in suburbs throughout Kendall and Will counties saw growth in October, MORe reported. MORe gets its statistics from Midwest Real Estate Data.

Shorewood experienced the most dramatic percent change in the number of homes sold, with an uptick of 175 percent in October 2012 over October 2011. The number of actual homes sold this October was 11, compared to the four sold during the same period last year.

Romeoville saw the largest percent drop, with 18.2 percent fewer homes sold year over year in October. That shakes out to 27 homes sold in October 2012 compared to 33 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 BOLINGBROOK 67 52 28.9%

150,000

179,950

16.6% CHANNAHON 11 10 10%

168,000

190,000

-11.6% JOLIET 91 98 -7.1%

104,000

105,000

-1% MINOOKA 9 6 50%

160,000

103,950

53.9% MONTGOMERY 39 20 95%

155,000

154,000

0.7% OSWEGO 42 31 35.5%

212,610

219,290

-3.1% PLAINFIELD 98 74 21.3%

174,950

199,500

-12.3% ROMEOVILLE 27 33 -18.2%

125,000

122,000

2.5% SHOREWOOD 11 4 175%

185,000

196,500

-3.9% YORKVILLE 17 18 -5.6%

240,000

185,813 22.1%

Source: Mainstreet Organization of Realtors

Tim November 20, 2012 at 06:41 PM
Using 'median' is about the least useful piece of information when it comes to home sales. In the following thread of numbers; 100,100,300,300,300 300 is the 'median', whereas 220 would be the 'average', or mean. Median is simply the middle number in the series, it is absolutely meaningless in this context, when attempting to overlay over an entire population. Realtors will use median or mean, depending on what message they are trying to put out. If you see median being used in the context of higher prices, it usually means there is a low percentage of lower priced homes selling, with a few $1M+ homes selling. Not exactly a good thing for the majority of residents. If you see median falling, it means more average-priced homes are selling than expensive homes, which would be better for most residents. Translation; An increase in median price, is actually bad for the average homeowner, as it means less of the majority stock of houses is being sold, and more of the outlier and less common expensive housing is being sold. It translates into a weaker housing market for average priced homes.

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