Real Estate

More Skokie Homes Selling, And Prices Firming

Could the real estate market finally be on the upswing? Perhaps. Skokie real estate trends show more home sales than at this time last year.

The number of home sales in Skokie has increased from May 2012 to May of this year, according to Martin Walsh, agent at @properties and Chairman of the Barrington-North Shore Association of Realtors. 

“The [real estate sale] trend is going to be pretty much the same everywhere,” Walsh said. “Skokie is working its way through its distressed properties.” 

In May 2012, 146 single family homes had been sold for the year to date at an average sale price of $235,677 and a median price of $214,500.

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This May, 168 single family homes have sold in Skokie since the year began, at an average price of $254,196 and a median price of $234,000, both up about $20,000 from last year.

Condo sales have increased as well. In May 2012, 110 condos had been sold for the year to date at an average price of $124,724 and a median price of $99,750.

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This May, 123 condos were sold for the year to date, 13 more than last year. The average sale price was $120,298, about $4,000 lower than last year. The median sale price was $102,500, up about $2,000 from 2012.

Both this and last years’ trends reflect the impact of low prices and low interest rates, according to Joseph Hedrick of Century 21 Marino Real Estate.  But Hedrick noticed a positive sale trend from mid-March of this year to the present.

“Other areas in the country had this start last year, and Chicago started about three months earlier,” he said. “Many properties now are getting multiple offers.” 

Coldwell Banker Realtor Karen Long has seen multiple offers and increased interest in Skokie homes as well. Last year, many of Skokie’s new residents were young couples from Chicago who liked Skokie’s price points and the area’s schools, according to Long.

“This year seems to be a little busier, but last year for myself was pretty busy,” Long said. “It’s all about the condition and the price.”

Walsh is enthusiastic about the condition real estate market in general.

“It’s one of the greatest times in history to buy property,” he said. “The economy is looking up. Everything is looking up. “


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