May Home Sales: Burr Ridge Show Major Growth In Sales, Prices

The 17 single, detached homes sold in Burr Ridge during May 2013 represented a 183.3 percent increase from May 2012, when 6 homes were sold, according to the Mainstreet Organization of Realtors (MORe).

There were 9 homes sold in Burr Ridge during April.

While the number of homes sold significant growth in Burr Ridge, the median home price also rose significantly in May. The median sale price increased 45.3 percent to $770,000 from $530,000 in May 2012.

Sales of single-family, detached homes in suburban Chicago increased 29.1 percent in May 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information on in DuPage, Lake and suburban Cook counties – experienced notable sales gains last month.

Sales momentum is expected to continue in those communities, as the number of detached homes under contract in May grew by 45 percent in those same communities, according to MORe.

In DuPage County, Burr Ridge experienced the most significant increase in sales over the same period last year, MORe said.

The only Patch community in DuPage County to experience a slight decrease in sales during May was Hinsdale, which had -33.3 percent sales declining from 33 homes sold in May 2012 to 22 homes sold in May 2013, according to the statistics, according to the statistics.

Competition in the housing market is going to continue as the market works through a backlog of distressed properties, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.

“Buyers need to come in aggressively with their first price, especially on moderately priced homes in good condition,” Corder said “We are seeing multiple offers and people writing contracts on properties the day they come onto the market. ... There is a buzz going on in real estate right now. People want to take advantage of this market.”