I am happy to announce that for the first time since I've started recording Orland Park real estate sales statistics, 2013 brings increases in both categories - the amount of properties sold and average sale prices. These increases were for both single family Orland Park homes and attached properties (condos and townhomes).
Not only were there increases, but there were double digit increases in the amount of properties sold as follows:
- 35.4% increase in the amount of single family homes sold in Orland Park in 2013 vs. 2012
- 34.4% increase in Orland Park condos and townhomes sold
A surprise statistic - average sale prices
I'm always kind of surprised each year with sale stats, although we've come to expect decreases in some of the data since the real estate bubble burst. But I was surprised to see that the average price of attached properties increased by a higher percentage than single family homes!
- 4.3% increase in the average sales price ($154,590) for Orland Park condos and townhomes
- 2.9% increase for single family homes in Orland Park (average price $302,947)
The average price of Orland Park homes sold has once again reached the $300,000+ mark. In 2012 it fell to the high $200,000's. The highest average price was in 2006 when it was $422,090. We're seeing more and more sellers who purchased properties in 2006 and are taking a huge loss (or having to do a short sale or letting their places foreclose because they're so underwater), or they're staying put. This isn't just in Orland Park, but most any area around the country.
It's tough to see people feel trapped in their properties. There are first-time buyers that could only afford a starter condo. If they bought in 2006 they're going to be stuck there a long time if they can't afford a loss. Not fun when young couples want to start a family and move on to a single family home.
There are many baby boomers who are becoming empty nesters and no longer need their large homes. If they purchased in 2006 they might have to wait it out, or if they have enough equity they'll have to take their losses and downsize at today's prices. Unfortunately, there is no set time as to how long owners will have to wait for prices to match what they paid in 2006 (I'm seeing underwater sellers that purchased in other years, even prior to '06). You will see from the link above how many years since 2006 that prices have decreased and where we haven't caught up yet in Orland Park.
If you're interested in buying and/or selling Orland Park real estate give The Judy Orr Team a call at 708-536-8200. We live and work in the village which makes us your true Orland Park REALTORS®.