May Home Sales: Frankfort Continues Streak of Annual Increases

Credit: Mainstreet Organization of Realtors

A total of 41 single, detached homes sold in Frankfort during May 2013, representing a 105 percent gain over the same period last year, when 20 homes were sold, according to the Mainstreet Organization of Realtors (MORe).

While the village continued its streak of consecutive monthly increases in yearly home sales, Frankfort's median home prices saw a 7.47 percent drop from May 2012 to May 2013, decreasing from $313,000 to $290,000, the Realtors group reported.

Detached homes in suburban Chicago increased 29.1 percent in May 2013 compared with the same period a year ago, MORe reported. In fact, 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.

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.”

Patch's Mary Ann Lopez contributed to this report.