Glen Ellyn Housing Market Drops, Median Home Price Rises: October Home Sales
Glen Ellyn saw the largest percent drop in home sales during October — among DuPage County Patch communities, according to the Mainstreet Organization of Realtors.
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Unlike other communities in DuPage County, during the month of October Glen Ellyn's housing market saw a decline in the number of homes sold.
While the market for detached, single-family homes in suburbs throughout DuPage County saw growth in October, that was not the case in Glen Ellyn, according to the Mainstreet Organization of Realtors (MORe). MORe gets its statistics from Midwest Real Estate Data.
Glen Ellyn saw the largest percent drop, with 18.2 percent fewer homes sold year over year in October. That shakes out to 18 homes sold in October 2012 compared with 22 sold in October 2011, according to the Mainstreet Organization of Realtors (MORe).
While the number of homes saw a decline in Glen Ellyn, the median home price increased significantly year over year, according to the numbers. The median home price was $487,200 in October 2012, compared with $286,000 the same time last year. That was a 70.4 percent change.
Unlike Glen Ellyn, the 11 Burr Ridge homes sold in the month of October represented a 175 percent from October 2011, the highest such year-over-year increase among DuPage County Patch towns.
Burr Ridge home sales in October were also up from September, when five homes were sold.
Overall across the Chicago suburbs, sales of single-family detached homes rose 44.6 percent in October over the same month in 2011, according to MORe.
MORe predicts November will be another month of local housing market growth, as the number of detached homes under contract in October 2012 was 65.8 percent higher than in October 2011.
“2012 has already been a strong year for the housing market, and we are seeing activity continue to increase,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “Affordable home prices and historically low interest rates have created a rare opportunity for buyers. We are actually back to the point where we are seeing multiple offers on properties.”
| # of homes sold | Median price | |||||
| Town | 2012 | 2011 | % change | 2012 | 2011 | % change |
| Burr Ridge | 11 | 4 | 175% |
570,000 |
630,000 |
-9.5% |
| Darien | 10 | 7 | 42.9% |
237,500 |
280,000 |
-15.2% |
| Downers Grove | 38 | 30 | 26.7% |
332,500 |
289,000 |
15.1% |
| Elmhurst | 44 | 27 | 63% |
312,500 |
316,500 |
-1.3% |
| Glen Ellyn | 18 | 22 | -18.2% |
487,200 |
286,000 |
70.4% |
| Hinsdale | 16 | 7 | 128.6% |
922,500 |
575,000 |
60.4% |
| Lisle | 10 | 11 | -9.1% |
319,000 |
243,500 |
31% |
| Naperville | 119 | 83 | 43.4% |
380,000 |
390,000 |
-2.6% |
| Wheaton | 52 | 32 | 62.5% |
300,000 |
317,500 |
-5.5% |
| Woodridge | 19 | 17 | 11.8% |
198,000 |
245,000 |
-19.2% |
Source: Mainstreet Organization of Realtors
Associate Regional Editor Lauren Williamson compiled this information.
Adam Krueger
9:08 am on Tuesday, November 20, 2012
You might want to include a "sample-size alert" with this kind of information. When only a few homes (18 vs. 22 in 2011) are sold, it's awfully problematic to claim that there was a dramatic rise in the median home sale-price given the disparity in home prices based on location.