Chicago Suburbs Show Mixed Results In Home Sales And Prices

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Peoples Home Equity comments on first quarter real estate data provided by DQnews.com

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Eye catching areas such as Lisle (zip: 60532) and Medinah (zip: 60157) saw 53% and 80% increases in year over year sales.

On Sunday, May 4th Peoples Home Equity commented on real estate data related to home prices and sales of the Chicago area in the first quarter of 2014. Below is a continuation of the lender’s commentary highlighting some intriguing prices and sales changes in counties residing in the suburbs of the downtown Chicago area.

Data provided by DQnews.com shows that Lake County, located northwest of downtown, experienced the sale of 1,962 homes in the first quarter of 2014. This is down -4.6% from the first quarter of 2013 but on a positive note, prices rose 18.9% year over year. Lake county’s best performing zip code in terms of highest year over year percentage change was Mchenry (zip: 60051) at 46.3%. However, as was very common in the Midwest over the winter, home sales declined -23.1% in Mchenry during this period. Arguable Lake country’s all around best performing area was Lake Bluff (60044) with a 21.3% rise in median home prices and a 32.3% rise in home sales. Another attractive area was Deerfield (60015) with a 19.9% rise in prices and a 20.3% rise in sales.

In Kane county, located directly far west of Chicago, home sales actually increased 6.8% year over year in the first quarter. Median home prices saw an average rise of 14.9%. In terms of sales, the best performing area was Hampshire (zip: 60140), with a 46.8% rise in home sales at a volume of 113 transactions. Aurora, (zip code: 60505) experienced the highest rise in prices change at 35.5%.

Du Page County which resides just west of downtown had a mix of many positive and negative results for both home price changes and sales. Year over year, the county experienced a 15.2% rise in prices and a -2.4% decline in sales. Eye catching areas such as Lisle (zip: 60532) and Medinah (zip: 60157) saw 53% and 80% increases in year over year sales. Please note Lisle had 101 home sales in the first quarter while Medinah only had 9 which may give readers a higher confidence in the data on Lisle. Lisle also experienced a huge percentage change in terms of year over year price growth, 85%! Other areas such as Glendale Heights (zip code: 60139) and Clarendon Hills (zip: 60514) respectively saw 41% and 40.3% gains.

Peoples Home Equity encourages prospective home buyers to get approved for a home loan before they go window shopping for a property. Knowing how much available credit an individual is approved for quickly helps them filter their property search. Lastly, when placing a bid, home sellers pay far greater attention to those who have the credit available to purchase immediately.

If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026

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Giorgio U Ferrero
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