Because we've been working on our new website behind the scenes for a couple months we haven't had a chance to post our year-end sales statistics sooner. This data is for single family Orland Park homes sold and closed in 2014.
Amount of Of Orland Park homes sold:
- there was a 6.4% decrease in the total amount of Orland Park homes sold in 2014 compared to 2013
- 2013 - 441 Orland Park homes sold
- 2014 - a decrease to 413 sold
Orland Park home prices:
- prices went up 3.4% comparing 2013 to 2014
- 2013 - the average price for a single family Orland Park home was $302,827
- 2014 - the average price jumped to $313,081
The table below shows Orland Park homes sold in 2014 broken down by price:
The minimum sale price was $85,000
The maxiumum sale price was $1,400,000
Total sales volume of Orland Park homes sold in 2015 was $128,947,761
Following is a table showing the breakdown of Orland Park homes sold in 2014 using bedroom counts:
|Bedrooms||# Sold||Avg OLP||Avg LP||Avg SP||SP:LP||SP:OLP||Avg MT|
Meanings of above abbreviations:
Avg OLP - Average original list price (if priced correctly from the start some sellers are able to get an offer at, near or more than their original list price).
Avg LP - Average list price (meaning price listed at time of contract acceptance - the average of all home's list prices at the time they received their accepted offers).
Avg SP - Average sale price - what the home actually sold and closed for.
SP:LP - the difference between the actual sale price vs. the list price at the time (some sellers had reductions, a few might not have).
SP:OLP - the difference between the actual sales price and the original list price - takes into consideration all listings and what they started at
Avg MT - Average market time - how many days it took to sell.
One thing I don't like is that there is a discrepancy between the first set of data I provided, which comes from our MLS, and the table above regarding total homes sold (a difference of one) and average sale price. It is close enough to get a good idea of the market for Orland Park real estate in 2014, but I'm not sure why there should be any difference, especially since I got both of these on our MLS. They might have a different source for each set of data.
Deciphering the tables
I think the breakdowns above really show the difference between price and number of bedrooms plus days on market. I always tell my buyers that it takes longer to sell two bedroom homes vs. three or more. But price is also a factor. Look how quickly the 2 lowest priced homes sold.
Some of the days on market per price range in the first table don't seem to make sense. It took longer for the price range of $100,000-$149,900 to sell than all ranges up to the $350,000 & up range. Then there is the anomaly of longer days on market for homes priced $900,000-$999,900 vs. the highest range of million dollar+ homes. In my opinion, there was a home or two in these price ranges last year that just wasn't priced correctly for the condition of the property and therefore skewed the days on market. These are sold and closed figures, so they finally sold, but one or more took longer than they should have.
As you can see in the 2nd table, it took more time on market to sell a 2 bedroom Orland Park home than 3 or 4 bedroom homes. The reason it took the longest time to sell 5+ bedroom homes is because most of them are in much higher price ranges.
For those with luxury Orland Park homes for sale, which we consider priced above $500,000, here is proof that it always takes longer to sell higher priced homes. The audience gets smaller when the price goes higher.
My favorite comparison is the percentage of actual sales price to list price and original list price shown in the 2nd table. You'll notice that once sellers reduce to what we call the "sweet spot", they sell at a closer ratio. As I mentioned, for those sellers that priced right from the beginning, they most likely got close to list price. If it was priced really well they might have received multiple offers and got full price or more!
Many sellers want to price high at the start and see what happens. This can actually go against them. If they were priced right at an active time of year they could generate multiple offers and get close to, at or above their asking price. On the contrary, if they start out high their Orland Park home will sit on the market and after too long a time will be perceived as a stale listing. Buyers ask me all the time why a home has been up for sale for xxx number of days. They feel there is something wrong with the home, but I usually say it was priced too high in the beginning and they've had to work their way down the price range.
We're never trying to "give your Orland Park home away"! With our experience as real estate agents and owning multiple properties ourselves that we have bought and sold, we have the experience to price your home correctly in the beginning. We're usually pretty close to what we feel a home should sell for.
If you're considering buying and/or selling an Orland Park home, give The Judy Orr Team a call or use our Contact Form. You can get a free, Instant Market Activity Report by clicking here (be sure to create as small a radius around your home as possible to get the most accurate results - this is what is currently up for sale in your area). For a more detailed and accurate market value fill out this form. Even sellers like to see what's currently on the market - so create your Automated Home Search here.