Local real estate backs off frantic pricing pace

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By LAURA STUART

The local real estate market has come back to earth, according to Oak Park Board of Realtors' statistics from the first quarter of 2005 and the experiences of local real estate agents.

According to Rich Gloor, Jr., an agent at Gloor Realty and president of the Board of Realtors, the double digit escalation of housing prices has slowed, and a home's average days on the market before sale are "up significantly."

Prices continue to rise and the market, although a bit late to start this spring, is strong now. But the days of buyers' wars and multiple offers over asking price seem to have passed for now.

"Buyers are being more picky. It's not as much of a sellers market," Gloor says, adding that the change should be seen as positive.

"You can't sustain double digit growth and remain a viable community," he says. "Sellers don't want to hear it, but it's a healthy correction."

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