Orland Park Home Sales For Detached Single Family Homes
The graph above shows Orland Park Home Sales from 2009 to 2011 including Orland Park Traditional Sales, Orland Park Foreclosure Bank Owned & Corporate Sales and Orland Park Short Sales. A traditional sale is a sale that is not distressed meaning not an Orland Park Foreclosure or Orland Park Short Sale.
Traditional Orland Park Home Sales Comparison
From 2009 to 2011 the comparison of traditional Orland Park Home Sales was pretty consistent. In 2010 the sales in Orland Park dropped slightly. The drop from 227 to 223 wasn’t significant. 2011 they went up to 228 so this demonstrates the over all sales in the Orland Park area has stayed consistent. There is nothing here that is surprising as sales have not suffered too much even in this challenging economy. What continues to change is the consistent decline in values. The average sale price has dropped over the last three years. Orland Park’s values compared to other surrounding area has not been hit as drastically as others so it still remains to be a strong area for real estate sales.
Orland Distressed Sales Comparison
In 2009 Orland Park Foreclosures out numbered Orland Park Short Sales by almost 40%. In 2010 Orland Park Foreclosures out numbered Orland Park Short Sales by more than 50%. In 2011 for the first time Orland Park Short Sales out numbered Orland Park Foreclosure by close to 15%. What this tells us is that homeowners are becoming more aware of their options for avoiding Foreclosures and recognize a Short Sale is a very feasible option and in almost all cases a better option in Illinois.
An important number when looking at the graph closely is that the number of Distressed Orland Park Homes vs. Traditional Orland Park Homes is less than 20%. When you compare this to many other areas the numbers are closer to 30% to 40%. This shows that Orland park is still doing well in sales. If that number of distress sales increases than you will see a much sharper decline in values. Don’t misunderstand this, there is still a consistent decline in prices, just not as drastic is other surrounding areas.
Raymond Kennedy
Keller Williams Preferred Realty
708-620-4460
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