It’s the beginning of the 2014 Brookfield real estate market, and before we attempt to predict where this year will take us, let’s recap 2013’s sales and activity figures versus those of 2012.
In 2013 a whopping 137 three-bedrooms, single family homes sold. That’s a 22% increase over the 112 which sold in 2012. More importantly, the median sales price for these 2013 sales was $196,000 compared to 2012’s figure of $178,500, a 10% increase.
Of the 137 which closed, the lowest price was a foreclosed home at 4006 Blanchan for $50,000 and 3031 Vernon had the highest cost at $411,000.
Larger single family homes, those with four or more bedrooms, saw 49 properties sell in 2013 versus only 31 in 2012 – a 59% increase. This is the best indicator of strong market activity we’ve seen in a very long time in Brookfield. In addition, the 2013 median price was $210,000 while the prior year finished at only $185,000, a 14% increase in median sales price year-to-year.
The most expensive home in the four-bedroom category was 3637 Prairie which closed at $421,427 while, on the low end, the short sale of 4238 Madison closed at $95,000.
Keep in mind that the median sales price is a strong indicator of “where the market is”. It gives us the midpoint of the market, not simply a mathematical average reading which may be skewed by a large number of either low-priced or high-priced properties. Another key is the count for the number of properties sold. In both of our categories – three-bedrooms and four-or-more bedrooms, property values for single family homes show healthy year-to-year increases and that’s a great way to start the 2014 real estate year.
CLOSED 3 Bedrooms in 2013 – Market Time ranged from 1 – 937 days:
|
137 Sold – Detached Single Statistics |
||||
|
|
High |
Low |
Average |
Median |
|
List Price |
$429,000 |
$74,550 |
$213,861 |
$199,900 |
|
Sold Price |
$411,000 |
$50,000 |
$206,393 |
$196,000 |
Foreclosures: 24 ranging in price from $ 50,000 to $220,500
Short Sales: 9 ranging in price from $ 93,000 to $170,000
CLOSED 3 Bedrooms in 2012 – Market Time ranged from 3 – 707 days:
|
112 Sold – Detached Single Statistics |
||||
|
|
High |
Low |
Average |
Median |
|
List Price |
$349,900 |
$50,000 |
$190,053 |
$188,400 |
|
Sold Price |
$335,000 |
$48,000 |
$180,518 |
$178,500 |
Foreclosures: 23 ranging in price from $ 63,000 to $279,900
Short Sales: 11 ranging in price from $ 93,000 to $235,000
CLOSED 4 – 4+ Bedrooms in 2013 – Market Time ranged from 1 – 357 days:
|
49 Sold – Detached Single Statistics |
||||
|
|
High |
Low |
Average |
Median |
|
List Price |
$465,000 |
$99,000 |
$247,086 |
$229,000 |
|
Sold Price |
$421,427 |
$95,000 |
$238,017 |
$210,000 |
Foreclosures: 6 ranging in price from $118,000 to $255,000
Short Sales: 4 ranging in price from $ 95,000 to $282,000
CLOSED 4 – 4 Bedrooms in 2012 – Market Time ranged from 3 – 642 days:
|
31 Sold – Detached Single Statistics |
||||
|
|
High |
Low |
Average |
Median |
|
List Price |
$434,900 |
$78,000 |
$201,781 |
$199,900 |
|
Sold Price |
$399,900 |
$61,500 |
$190,467 |
$185,000 |
Foreclosures: 9 ranging in price from $ 61,500 to $154,000
Short Sales: 4 ranging in price from $155,000 to $225,000
Note: All data is taken from Midwest Real Estate Data (MRED) which is the data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers, agents, and appraisers.
Maria Murzyn works for Wednesday Journal Publications and is a Realtor at Gloor Realty Co. in Oak Park.
