Brookfield came roaring back with its sales of single family homes for the first three months of 2015. The bigger “roar” is traced to the sale of larger homes, those with four or more bedrooms. The median sales price in first quarter was $292,500, a 47% increase, over 2014’s figure of $198,500. Thirteen of these larger homes were recently sold while only four homes accounted for last year’s median price.
Three-bedroom homes also did well and saw a 20% increase in median sales price over the same time period last year, $239,000 versus $200,000. Twenty-seven of this size home were sold in the 1st quarter compared to last year’s number of 19.
Currently there are 30, four or more bedroom, homes for sale in Brookfield. Thirty percent of them are contingent, an offer is on the table between the seller and the buyer. As to the three-bedroom sized homes, forty-four are on the market and 16 or 36% are contingent.
This strong quarter’s sales look like they may continue since demand for Brookfield housing is evident in the statistics.
|
Three-bedroom homes currently Active: 44 Active |
||||
|
High |
Low |
Average |
Median |
|
|
List Price |
$379,900 |
$125,000 |
$254,407 |
$249,900 |
Contingent: 16 homes ranging in List Price from $125,000 – $377,000
Short Sales: 3 homes ranging in List Price from $125,000 – $189,900
|
Three-bedroom homes Sold in 2015: 27 Sold |
||||
|
High |
Low |
Average |
Median |
|
|
List Price |
$449,900 |
$69,900 |
$240,074 |
$242,000 |
|
Sold Price |
$420,000 |
$68,900 |
$228,941 |
$239,000 |
Foreclosures: 4 homes ranging in Sales Price from $ 68,900 – $239,000
Short Sales: none
|
Three-bedroom homes Sold in 2014: 19 Sold |
||||
|
High |
Low |
Average |
Median |
|
|
List Price |
$379,000 |
$134,900 |
$215,663 |
$211,500 |
|
Sold Price |
$374,500 |
$129,000 |
$207,853 |
$200,000 |
Foreclosures: 3 homes ranging in Sales Price from $171,000 – $193,000
Short Sales: 1 home at a Sales Price of $161,000
|
Four-bedroom homes and four-bedroom plus homes currently Active: 28 Active |
||||
|
High |
Low |
Average |
Median |
|
|
List Price |
$499,900 |
$153,900 |
$303,111 |
$285,450 |
Contingent: 9 homes ranging in List Price from $169,000 – $499,900
Short Sales: none
|
Four-bedroom homes and four-bedroom plus homes Sold in 2015: 13 Sold |
||||
|
High |
Low |
Average |
Median |
|
|
List Price |
$524,900 |
$129,900 |
$308,315 |
$315,000 |
|
Sold Price |
$485,000 |
$120,000 |
$294,300 |
$292,500 |
Foreclosures: 1 home with a Sales Price of $120,000
Short Sales: none
|
Four-bedroom homes and four-bedroom plus homes Sold in 2014: 4 Sold |
||||
|
High |
Low |
Average |
Median |
|
|
List Price |
$360,000 |
$153,000 |
$229,225 |
$201,950 |
|
Sold Price |
$350,000 |
$125,000 |
$218,000 |
$198,500 |
Foreclosures: 2 homes ranging in Sales Price from $125,000 – $167,000
Short Sales: none
“Contingent” means that there is an accepted offer on the property as to the price, but many other things must be agreed upon before the home actually “Closes”. These may include the results of the buyer’s home inspection, final financing approval, the specific closing date, and so forth. Most “Contingent Homes” will proceed to closing, but some contracts fall through and the home reappears on the market as an “Active Listing”.
“Median Sales Price” is the midpoint between the High price and the Low price and is not the same as the “Average Sales Price”. Since a few high prices or low prices can skew the “Average Price”, the real estate industry places more credibility on the “Median Price” to indicate a specific area’s home values within a specified timeframe.
All data is taken from Midwest Real Estate Data (MRED) which is the data aggregator and distributor providing the Chicagoland area multiple listing service (MLS) to nearly 40,000 brokers, agents, and appraisers.
Maria Murzyn is an employee of Wednesday Journal Publications and a Realtor at Gloor Realty Co. in Oak Park.
