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Housing market mostly steady in Bolingbrook

Published: Monday, Aug. 4, 2014 2:44 p.m. CDT

Home sales in Bolingbrook are steady with a slight uptick this May compared to 2013, according to data from the Mainstreet Organization of Realtors.

In May 2013, a total of 76 homes sold at a median sales price of $196,250 while 80 homes sold this past May.  Median price hit $187, 500– down 4.5 percent over last year, the realtor organization says. Still, as Bolingbrook realtor Ed Lukasik Jr. says, the market has come a long way since the crash of 2008-09. Lukasik says the buyer’s market is “fantastic” right now, while sellers are in need of a higher volume of buyers that would “drive multiple offers.”

“Inventory is down and with the low interest rates, people are taking advantage,” says Lukasik, with RE/MAX Professionals of Bolingbrook. “Rental prices are also increasing, and with the low rates it’s cheaper to purchase than it is to rent right now.”

Another positive factor, he says, is what he called “boomerang buyers.”

“They’re buyers who have gone through foreclosures and short sales when the crash hit, and now they’re able to purchase again,” Lukasik says.

Across the western suburbs, sales also declined in May compared to the same month in 2013 – by 4. 2 percent, according to the data – but median sale prices rose 3.5 percent from $241,500 to $250,000. Lukasik says he is “very positive” in regard to the real estate outlook through the summer and beyond. “As long as interest rates stay low,” he says. “One concern is the unemployment numbers. You can’t have a true recovery until you have an improved job climate. That’s going to be one of the driving factors in the next year or two.”

Around the western suburbsDOWNERS GROVE
May 2013:
71 home sales at a median price of $335,000May 2014: 55 home sales (-22.5 percent) at a median price of $349,900 (+4.5 percent)

NAPERVILLE
May 2013:
169 home sales at a median price of $406,000May 2014: 159 home sales (-5.9 percent) at a median price of $385,000 (-5.2 percent)

LISLEMay 2013: 27 home sales at a median price of $350,000May 2014: 26 home sales (-3.7 percent) at a median price of $310,000 (-11.4 percent)

WOODRIDGEMay 2013: 30 home sales at a median price of $241,000May 2014: 22 home sales (-26.7 percent) at a median price of $252,500 (+4.8 percent)

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