BOLINGBROOK – The median sale price of a home in Bolingbrook is down 4.5 percent this May compared to last May, but sales increased slightly, 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 at an median price of $187,500– down 4.5 percent over last year, the realtor organization said.
Still, as Bolingbrook realtor Ed Lukasik Jr. said, the market has come a long way since the crash of 2008-09. Lukasik said 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," said 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 said, 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 said.
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 said he is "very positive" in regard to the real estate outlook through the summer and beyond.
"As long as interest rates stay low," he said. "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 suburbs
May 2013: 71 home sales at a median price of $335,000
May 2014: 55 home sales (-22.5 percent) at a median price of $349,900 (+4.5 percent)
May 2013: 169 home sales at a median price of $406,000
May 2014: 159 home sales (-5.9 percent) at a median price of $385,000 (-5.2 percent)
May 2013: 27 home sales at a median price of $350,000
May 2014: 26 home sales (-3.7 percent) at a median price of $310,000 (-11.4 percent)
May 2013: 30 home sales at a median price of $241,000
May 2014: 22 home sales (-26.7 percent) at a median price of $252,500 (+4.8 percent)