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Local Business

West Chicago sees decreased home sales, higher median home value

WEST CHICAGO – The median sale price of a home in West Chicago was up 19.6 percent this May compared to May 2013, while home sales decreased by 32.4 percent, according to data from the Mainstreet Organization of Realtors.

The organization's May 2014 report shows similar increases and decreases in Warrenville, which saw a 33.2-percent increase in median sale price and 60-percent decrease in home sales. However, home sales were low in May of each year in Warrenville – two in 2014 and five in 2013 – reflective of the community's small population.

Winfield experienced an increase in median sale price as well, growing by 30.5 percent from $260,500 in May 2013 to $340,000 this May, according to the report.

Cindy Banks, broker owner of of Re/Max Cornerstone in West Chicago, said these types of numbers are not exclusive to these three towns.

During the last few years, sale prices were down in the western suburbs because people weren't moving, so demand was low and sellers were hesitant to put their homes on the market, Banks said.

Now, the economy is stronger, and there's more confidence in the market, causing values to increase, she said.

"There's a lot of energy in the market," Banks said.

As for the decrease in sales in Warrenville and West Chicago, she said there's no particular reason last year's May sales would be higher than this year's.

Overall, she expects to see more home sales this year in comparison to 2013.

Home sales did increase in Winfield by 110 percent, from 10 in May 2013 to 21 this May, according to the report.

The energy surrounding the construction of a new Ronald McDonald House near Central DuPage Hospital in Winfield may be contributing to home sales in the village, Banks said.

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