I was really looking forward to see how 2012 compared with 2011 for the towns I work in the most. Although some figures are better, I don't think last year was as wonderful as some gurus were predicting. Real estate is local and some areas across the nation have shown dramatic increases and well priced homes are receiving multiple offers. The only properties I'm seeing getting multiple offers in this area are low priced foreclosures.
Single Family Orland Park homes
Single family Orland Park homes for sale showed an increase in amount of sales of 15.3%. At least it's a double digit increase.
Unfortunately, prices showed a decrease of of 7.4%. The good news is that 2011's decrease was in double digits, so now we're down to single digits. The average sold price of an Orland Park home in 2012 is $294,458, the first time we've been under $300,000 for many years (in 2005, the first year I started recording stats, the average sale price was $400,942. The highest average sales price was in 2006 at a whopping $422,090.
Based on these changes, it is easy to see why some people feel trapped in their homes since they can't sell today for what they paid during the real estate boom. That's why we're still seeing short sales and foreclosures. Since prices continue to drop, who knows if those home owners will ever be able to break even.
Orland Park condos and townhomes
There was a very healthy 50+% increase in the amount of sales of Orland Park condos and townhomes in 2012. That is definitely moving in the right direction! The bad news is that prices decreased by 13%. Go to Orland Park real estate sales statistics to review data from 2005-2012. If you're getting ready to buy or sell Orland Park real estate (or any other southwest suburb), call Judy Orr at 708-536-8200 or use the Contact Form. We're still seeing low prices and low interest rates, so don't lose this opportunity.