Eleven homes sold in Burr Ridge in September, more than doubling the number sold in that same month a year ago.
“The numbers are looking good in a lot of areas,” said Michael Parent, president of Mainstreet Organization of Realtors.
Statistics compiled by the Downers Grove-based Mainstreet organization for September show 11 completed sales of detached, single-family in Burr Ridge, at an average price of $917,781. The average selling price of the five homes sold in September 2012 was $568,600.
While the average selling price rose for September, so did the average time on the market.
Realtor Linda Feinstein said she was involved in several of the September sales and knows of two homes that had been on the market for two years. Those two properties helped to drive the average market time to 554 days.
One of the homes, located in Falling Water, had been listed with another Realtor for two years before Feinstein took it over. The owner of another seven-figure home was determined to get her asking price, Feinstein said. In the end, the wait paid off.
“She got what she wanted,” Feinstein said.
Buyers are starting to compete for quality properties, said Feinstein, who had three offers on a $1.58 million home in the first week it was listed in August.
“There’s a lot of pent-up buyer demand,” she said.
While September was a good month in Burr Ridge, Parent said growth is not steady nor widespread.
“Activity has been sporadic in many markets,” said Parent. “Some brokers are swamped, then slow, then swamped again the next month.”
Burr Ridge saw sales of 18 homes in May, 17 in June and 15 in July, all of which exceeded sales from 2012. Sales then fell to nine in August. That’s a decrease from the 11 homes sold in August 2012.
“We have started to turn the corner,” said Parent, who said he expects a healthy fourth quarter.