Housing market looking up in Oak Brook

BY SANDY ILLIAN BOSCH | sbosch@pioneerlocal.com January 8, 2013 7:59AM

Updated: January 8, 2013 8:00AM

OAK BROOK — Local Realtor Dawn McKenna sees good things happening in the housing market in 2013.

“I think the market is really improving,” said McKenna of Coldwell Banker, who concentrates her sales efforts in Hinsdale, Clarendon Hills, Burr Ridge and Oak Brook.

If the last quarter of 2012 is any indication, she expects a busy 2013.

“There were a lot of people wanting to buy homes,” McKenna said.

The most interest was shown in the $800,000 to $1.2 million market.

“That’s the sweet spot. We don’t have enough inventory,” McKenna said.

The average selling price of a detached single-family home in Oak Brook was $998,862 in the first 11 months of 2012, up from $880,940 the year before, according to statistics provided by the Mainstreet Organization of Realtors. The average price spiked in November, rising to $1,172,500 — a 33 percent increase over the same month in 2011 and a slight increase from the month before.

Sales of townhomes and condominiums in Oak Brook saw a more modest increase so far in 2012, with the average property selling for 17 percent more than a year ago.

“The condo market has been hit pretty bad, but things are moving along,” said Realtor Jeannie LaPlaca of Prudential Rubloff, who has listings in Hinsdale, Clarendon Hills and Burr Ridge.

But even with a flooded condo market, things are starting to move.

MOR statistics show that sales of attached residential properties in Oak Brook rose from 55 in the first 11 months of 2011 to 68 in the first 11 months of 2012. The average sales price also rose, from $247,500 to $303,210.

“I think buyers are tired of waiting,” LaPlaca said, and with low interest rates, it’s a good time to get a good deal.

Mike Long of Realty Executives Premiere in Wheaton said the number of foreclosures and short sales in most Chicago suburbs are down, which is a sign of good things to come.

The best markets are still in towns with established downtown areas and access to the train tracks, Long said. But towns like Burr Ridge and Oak Brook also have unique things, including large lot sizes, to offer buyers.​

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