OPRF Real Estate Blog

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

If you have been looking for a place to learn what it is going on with the real estate market in Oak Park, River Forest or Forest Park, you search is over. This site was created by a group of local professionals from fields associated with real estate who want to provide up-to-date information about the market and how it impacts you.

Our panel consists of a real estate agent, a real estate attorney, an accountant, two insurance professional (one property/casualty and one life/retirement planning), a mortgage broker and home inspector. We believe this team of professionals is exactly what people need in order to stay on top of the ever-changing issues associated with real estate.

Please come back often. Our site will be going through significant changes over the next month or so as we complete its launch and integrate more tools for you use. If you have any suggestions, please feel free to email them to John.Plepel@EscrowRE.com.

Lastly, be on the lookout for our panel presentation titled “There’s more to buying real estate than ‘buying real estate.”’