20 Aug 2014
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Median Attached Single-Family Home Sales Price Increase in Palatine

Median Attached Single-Family Home Sales Price Increase in Palatine

The 35 attached single-family homes sold in Palatine during February 2014 represented a 6 percent increase from February 2013 when 33 were sold, according to statistics provided by the Mainstreet Organization of Realtors. 

Meanwhile, the median sales price for attached single-family homes increased in Palatine compared to a year earlier. The median price jumped 11 percent to $74,000 in February 2014 compared to $66,675 in February 2013, according to the statistics.

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Overall, prices of single-family, detached homes in suburban Chicago increased 11.6 percent in February 2014 compared with the same period a year ago, according to statistics released by the Mainstreet Organization of REALTORS. 

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.

“The lack of inventory in the market continues to result in increased demand and higher prices,” said Michael Parent, president of MORe and Vice President of Operations for Burnet Title’s Chicago Region. “Related factors, such as the dwindling number of distressed properties in many areas and an increase in multiple offers, are also having an effect.”

To address the inventory issue, Parent says more sellers need to get off the sidelines. “Right now everyone is waiting for the next person to list first. In this market, your goal should be to get in and get out – under contract within 30 days and closed within another 60 to 90.”

Parent continued: “The demand is there. Everybody’s just waiting for that gate to open.”

In a year-to-year comparison of sales of single-family detached homes, several suburban communities saw increased sales activity, including: Bloomingdale (125 percent increase from February 2013), Bridgeview (140 percent), LaGrange (100 percent), Lisle (143 percent), Palos Hills (400 percent), Prospect Heights (200 percent), Schiller Park (133 percent) and University Park (133 percent).

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