Libertyville Sees Steep Decrease in Median Sales Price for Attached Single-Family Homes

he median price dropped 34.4 percent to $105,000 in February 2014 compared to $160,000 in February 2013.

The 1 attached single-family home sold in Libertyville-Green Oaks during February 2014 represented a 87.5 percent decrease from February 2013 when 8 were sold, according to statistics provided by the Mainstreet Organization of Realtors. 

Meanwhile, the median sales price decreased for attached, single-family homes in the area compared to a year earlier. The median price dropped 34.4 percent to $105,000 in February 2014 compared to $160,000 in February 2013, according to the statistics.

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Overall, prices of single-family, detached homes in suburban Chicago increased 11.6 percent in February 2014 compared with the same period a year ago, according to statistics released by the Mainstreet Organization of REALTORS. 

MORe’s region – which includes about 200 communities in DuPage, Lake and suburban Cook counties – experienced notable gains last month, as reflected in information provided by Midwest Real Estate Data, LLC.

“The lack of inventory in the market continues to result in increased demand and higher prices,” said Michael Parent, president of MORe and Vice President of Operations for Burnet Title’s Chicago Region. “Related factors, such as the dwindling number of distressed properties in many areas and an increase in multiple offers, are also having an effect.”

To address the inventory issue, Parent says more sellers need to get off the sidelines. “Right now everyone is waiting for the next person to list first. In this market, your goal should be to get in and get out – under contract within 30 days and closed within another 60 to 90.”

Parent continued: “The demand is there. Everybody’s just waiting for that gate to open.”

In a year-to-year comparison of sales of single-family detached homes, several suburban communities saw increased sales activity, including: Bloomingdale (125 percent increase from February 2013), Bridgeview (140 percent), LaGrange (100 percent), Lisle (143 percent), Palos Hills (400 percent), Prospect Heights (200 percent), Schiller Park (133 percent) and University Park (133 percent).

Dan Cox March 20, 2014 at 11:14 PM
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Greg Leonard March 21, 2014 at 11:27 AM
Hmm,, What a hot button topic. Realtor's are the only ones who have had sleepless nights due to uncertainty of their job market? Let me get some cheese to go with that whine. Realtor's had no cause the housing crisis? They did not lend the money? True with a catch. Speaking from personal experience I heard the terms ~"real estate is solid investment", "You should take advantage of the low rates to maximize your buying power" ie: "Get as big a house as you can because property values historically always go up... A Realtor who says they have never said that, imo, is lying. Do Realtor's add real value to the selling price of the home? That is the real question. It is not a simple Yes or No. Is a Realtor really going to sell your home over another listing of similar criteria?? NO. Only the BUYER can decide that. They will present your home along with other properties that fit the criteria that the buyer is looking for. But your Realtor is your friend, he or she will sell my home..... Your Realtor maybe friends with the sellers of the other listings as well. How will they sell one friends over the others? Easy, they let the BUYER decide it. If a prospective seller has TIME, along with today's access to information, there is nothing that a Realtor can or is going to do that an individual seller going FSBO, with some due diligence and preparation cannot do to sell a home and save that 4-6% commission.
BLT March 21, 2014 at 03:18 PM
Yeah, right....
Dan Cox March 21, 2014 at 08:53 PM
Greg Leonard, Great Post!


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