Realtors seeing uptick in local market

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Updated: April 2, 2012 1:55AM

Area Realtors are hoping the housing market is back on the upswing locally.

Information released by the National Association of Realtors shows existing home sales rose for the third consecutive month in December and DuPage County Realtors are “cautiously optimistic,” the market is close to turning.

According to information made available by Midwest Real Estate Data, the median sales price of a home in DuPage County was $182,500 for the fourth quarter of 2011, 14.3 percent lower than a year ago.

The same data reveals 23.7 percent fewer homes were listed for sale in the fourth quarter of 2011, but the average number of days on the market decreased by 13.6 percent to 106 days.

Sarah Gordon of ReMax Elite in Hinsdale says there is more activity in the area these days and more opportunities for potential home buyers.

“The sales were lower in price, but there were more sales,” Gordon said. “I think people who are out there buying are looking for a deal and the houses that appear to be the deals are the ones that are selling.”

Gordon, who has 30 years’ experience selling homes in Oak Brook, Burr Ridge, Hinsdale, Clarendon Hills and Western Springs, sees a slow improvement. She says the number of showings are up and low interest rates have increased the number of interested buyers.

“It really is improving,” Gordon said of the real estate market. “I think sellers have become adjusted to the property values in their area and are more realistic.

“It is a buyers market. As long as we have the abundance of inventory that we have in all the areas, it will continue to be that way.”

Midwest Real Estate Data’s numbers show median home prices in the 60521 ZIP code rose 11.4 percent from the fourth quarter of 2010 to the fourth quarter of 2011.

The 60523 ZIP code saw a median home price drop of 10.1 percent during that same time, but the number of closed sales rose 11.5 percent to 29 sales in the fourth quarter of 2011, compared to the fourth quarter of 2010.

Gordon feels the market does have more properties to come as many people resorted to renting their homes rather than list them in a down market. This could flood the market and provide more options to individuals seeking to purchase a home in 2012.

“Even when the market does use up some of this inventory from foreclosures and short sales, there is still back-up inventory of people who chose not to sell their homes (at that time),” Gordon said. “People are more secure about the economy than they were a couple years ago.”