La Grange and La Grange Park Home Sales Look Strong for 2011

Real Estate agents in La Grange and La Grange Park are buzzing over prospects of increased sales in 2011.

“We are busier now than we have been at this time of year the past three years,” said Joan Smothers, owner of La Grange-based Smothers Realty Group.

The same is true for real estate agent Catherine LaBelle of Prime Property Partners, also based in La Grange.

“From what I see it’s going to be a great year,” LaBelle said.

Both agents said the number of listings and inquiries from potential buyers has increased since the start of the year. Smothers attributed the increase to improvements in the economy. She said low interest rates are sparking potential buyers to explore the market and see what opportunities are available. Sellers are also being more realistic in what they are expecting to receive from the sale of their home, LaBelle said.

Both agents said the amenities of the downtown shopping area, the good school systems and the Metra stop in town makes La Grange and La Grange Park a desirable area to live.

“La Grange is a great place to be. It’s a stable community and people who grew up here want to come back to live here,” Smothers said.

According to data compiled by Mainstreet Organization of Realtors in Downers Grove, sales of single family homes in La Grange jumped from 136 in 2009 to 154 in 2010. In 2010 the average list price of a single family home was $481, 679, while the average sale price was $451,023. In 2010 houses stayed on the marked an average of 157 days, down from 197 days in 2009.

Sales of single family homes in La Grange Park declined in 2010 though. In 2008 98 single family homes sold and in 2009 92 were sold. In 2010 the number of homes sold was down to 83. While the number of homes sold in La Grange Park fell, the average sale price rose. The average sale price of a La Grange Park home in 2010 was $356,020, up from $349, 151 in 2009. The average list price in 2010 was $381,394, up from an average listing of $371,025 in 2009.

“For a while people forgot that houses are a home. They were buying for an investment, not a home. Going forward I think people are going to be buying more of a home. People are thinking about settling down,” LaBelle said.

While the market for single family homes looks strong, the same cannot be said for condominium sales. Labelle said there are fewer attached homes in La Grange and La Grange Park and many of them do not qualify for FHA loans. She said that keeps many buyers away.

Fears of inability to sell homes to the large quarry blast that literally shook the community last summer have been unfounded, both Smothers and LaBelle said.

“I haven’t heard anyone say they could not sell a home because of the quarry,” LaBelle said.

LaBelle said shaking from freight trains and commuter trains have possibly caused more structural damage to area houses than quarry explosions have.

Smothers said she grew up in Brookfield and remembers her mother talking about quarry blasts more than 40 years ago. In all that time she said she’s never heard of the quarry being an issue with home sales.

Smothers said there have been a number of homes near the quarry that have come on the market, but she’s not heard of any of these sales being hurt due to the quarry.

LaBelle said short sales, new taxes and foreclosures have had more impact on home sales in communities surrounding the quarry than any blasting has.