Burr Ridge home sales don’t reflect regional rise
Real estate broker Karl Schlehofer of Burr Ridge talks on the phone with a client while in a condominium in the Village Green. | Ryan Pagelow~Sun-Times Media
Updated: September 3, 2012 1:57AM
The latest numbers from the Illinois Association of Realtors show that things are looking up in the home sales market for the first time in years, and local Realtors are optimistic even though Burr Ridge hasn’t experienced a jump in sales like some Illinois communities.
“There is activity. It’s all pointing in the right direction,” said Karl Schlehofer, a Coldwell Banker broker who focuses much of his real estate efforts in his hometown of Burr Ridge.
Chicago-area home prices edged up 0.1 percent in May from a year earlier — the first increase in more than four years, the Illinois Association of Realtors reported. Across the metropolitan area, home sales rose 25.3 percent, according to the report, as sales across Illinois recorded their best May since 2007.
But sales in Burr Ridge fell from 11 sales in April to six in May. Seven Burr Ridge homes sold in the same month last year.
While interest in properties seems to be increasing, Schlehofer said there is a shortage of good properties for sale.
He expects things to get better as the area’s foreclosures and short sales leave the market.
“A lot of people have been waiting to list their homes,” so as not to compete with what Schlehofer refers to as “the distressed-property market.”
Once that inventory is gone, traditional home sales, and their values, will return, he said.
“We’re starting to see those numbers come up,” Schlehofer said.
Meanwhile, buyers are competing for the few properties available.
“We’re starting to see multiple offers,” Schlehofer said.
While the market time in neighboring towns is shorter than a year ago, things remain stagnant in Burr Ridge, where it took an average of 164 days for a house to sell.
“Market time in the Burr Ridge market is flat,” said Nina Fotopoulos, vice president and managing broker of the Coldwell Banker Hinsdale and Clarendon Hills offices. She said that also is due to lack of inventory.
Fotopoulos said today’s buyers are looking for homes in move-in condition and at a good price.
They’re also looking for quality rental properties, Schlehofer said.
Rentals in the Burr Ridge Village Center are in great demand, he said.
The center’s condo board is attempting to loosen up the rental cap, Schlehofer said, to help meet demand. Currently, 25 of the units are owner occupied, 25 units are rented and the remaining 12 are vacant, according to Schlehofer.
Contributing: Francine Knowles