Sales up, prices down in Burr Ridge housing market

​BURR RIDGE — 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.

Meanwhile, there are too many townhomes and condominiums, said Jeannie LaPlaca of Prudential Rubloff.

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

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

Statistics provided by the Mainstreet Organization of Realtors indicated that sales of attached residential properties in Burr Ridge rose from 35 in the first 11 months of 2011 to 54 in the first 11 months of 2012. The average sales price also rose, from $268,078 to $299,355.

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

While the number of single-family detached homes sold in Burr Ridge rose slightly in 2012, the average price of those homes fell from $741,325 to $689,761, according to MOR stats.

Mike Long of Realty Executives Premiere in Wheaton said the number of foreclosures and short sales in most Chicago suburbs, including Burr Ridge are low. That’s a sign of good things to come, Long said.

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

“I’m a big fan of Burr Ridge,” said Long, who predicts good things for the housing market in 2013.​

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