St. Charles: October Home Prices Post Modest Gains

St. Charles detached, single-family home prices showed modest gains in October from a year ago, but the number sold in October surged 38.5 percent from 2011, according to the Mainstreet Organization of Realtors.

The Mainstreet Organization of Realtors gets its statistics from Midwest Real Estate Data.

St. Charles experienced the most dramatic percentage change in the number of homes sold in the Tri-Cities area, with an uptick of 38.5 percent in October 2012 over October 2011. The number of actual homes sold in October was 54, compared to the 39 sold in October 2011.

The prices paid for those homes rose modestly: The average price of a detached, single-family home sold in October was $360,653, up 6 percent from a year ago; the median price of a detached, single-family home in October was $334,500, up 7.9 percent from a year ago.

Overall across the Chicago suburbs, sales of single-family detached homes rose 44.6 percent in October over the same month in 2011, according to the Mainstreet Organization of Realtors.

The Mainstreet Organization of Realtors predicts November will be another month of local housing market growth, as the number of detached homes under contract in October 2012 was 65.8 percent higher than in October 2011. 

“2012 has already been a strong year for the housing market, and we are seeing activity continue to increase,” said Tonya Corder, president of the Mainstreet Organization of Realtors and managing broker of Keller Williams Preferred Realty in Orland Park. “Affordable home prices and historically low interest rates have created a rare opportunity for buyers. We are actually back to the point where we are seeing multiple offers on properties.”

264,015

209,000

245,000

321,500

334,500

310,000

Source: Mainstreet Organization of Realtors