The number of single-family homes that sold in Oak Park during the first quarter of 2010 (42) was slightly higher the first quarter from 2009.  Further, the average sales price of $407,249 was 8.1% higher than Q1 of 2009.  Additionally,  the average market time dropped 47.5% from 179 (6 months) in Q1 2009 to 94 (3 months) in Q1 2010. 

While this is some of the best real estate news our market has seen in some time.  I would caution that the first quarter is by far the slowest of the year.  The low number of transactions can sometimes lead to “adverse selection” (i.e. more large homes selling than smaller ones skewing the average).  

I look forward to seeing if this trend continues into the second quarter.  Anecdotal evidence suggests that the second quarter, aided by the Federal Housing Stimulus, should be strong. The real test will come in the third quarter when the stimulus incentives are no longer impacting the market.

If you have any questions about the market or your home’s value, feel free to contact me at John.Plepel@EscrowRE.com or call me on my cell phone at (708) 790-8705