20 Aug 2014
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Palatine, Arlington Heights See Drop in Home Sales

Palatine, Arlington Heights See Drop in Home Sales

The number of single-family homes sold in May 2014 in Palatine dropped 27.5 percent compared to a year earlier, according to statistics released by the Mainstreet Organization of REALTORS (MORe). 

In total, 37 homes were sold in May 2014 compared to 51 homes sold in May 2013, according to MORe statistics. Meanwhile, the median home sales price increased by 54.3 percent to $415,000 in May 2014. The median home sales was $269,000 in May 2013. 

Arlington Heights also saw drop in the number of homes sold in May 2014, when 78 homes were sold, and May 2013, when 90 homes were sold. The median home sales price jumped from $337,450 in May 2013 to $356,200 in May 2014. 

Throughout the suburbs, prices of single-family, detached homes increased 12.1 percent in May 2014 compared with the same period a year ago, according to statistics released by the Mainstreet Organization of REALTORS (MORe). 

The number of homes under contract also grew last month by 6.3 percent.

MORe’s region – which includes about 200 communities in DuPage, Lake and suburban Cook counties – experienced notable gains last month, as reflected in information provided by Midwest Real Estate Data, LLC.

“Overall we are seeing many positive indicators for the suburban housing market: good prices, multiple offers and inventory levels that have begun to stabilize in some areas,” Parent said. “Sellers have begun to get the message and put their signs up. And, with interest rates still hovering below five percent, if you’re a buyer it’s time to get out there and act.”

In a year-to-year comparison of sales of single-family detached homes, several suburban communities saw increased sales activity, including: Antioch (91 percent increase from May 2013), Fox Lake (138 percent), Schiller Park (100 percent), Winfield (80 percent) and Willow Springs (133 percent).

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