Real Estate

June Home Sales: Elmhurst Experiences Sales Growth; Prices Dip Slightly

Year-over-year, Elmhurst saw growth in home sales, but median sales prices dipped slightly, according to the Mainstreet Organization of Realtors.

The 66 single, detached homes sold in Elmhurst during June 2013 represented a 22.2 percent increase over June 2012, when 54 homes were sold, according to the Mainstreet Organization of Realtors (MORe).

There were 55 homes sold in Elmhurst during May.

As the number of homes sold increased steadily in Elmhurst, the median home price experienced a slight decline. The median price decreased -3.2 percent to $390,000 from $403,000 in June 2012.

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Sales of single-family, detached homes in suburban Chicago increased 17.1 percent in June 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information on in DuPage, Lake and suburban Cook counties – experienced notable sales gains last month.

Sales momentum is expected to continue in those communities, as the number of detached homes under contract in June grew by 36.5 percent in those same communities, according to MORe. The median sale price for detached homes also increased 9.5 percent from the previous June, and according to MORe this marks the fourth month in a row of year-over-year price growth.

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In DuPage County, Clarendon Hills experienced a significant increase in sales over the same period last year. In June, 21 homes sold compared with 10 in 2012. The community also experienced a surge in home prices with the median price increasing 64.9 percent to $635,000.

Several Patch communities in DuPage County experienced a decline in the median sale price during June, but Downers Grove saw the largest decrease in price. Sales prices dropped -13.7 percent with sales prices declining from $355,000 in June 2012 to $306,500 in June 2013, according to the statistics.

Darien experienced the most significant decline in the number of homes sold, dropping -18.2 percent from June 2012.

Buyers should look to act soon if they are interested in buying so they lock in today’s low interest rates, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.

“A slow and steady growth in home prices, combined with more properties coming on the market, is creating ideal conditions for both buyers and sellers,” she said.


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