While the housing market remains difficult, Oak Park real estate agents say things are looking better for those who are trying to sell a home.

The condominium market, however, is still struggling.

And the lower prices and availability of a variety of properties is having an impact on both Oak Park and surrounding communities.

“It’s opening up to people who four years ago, could not afford to live here,” said Rich Gloor of Better Homes and Gardens Gloor Realty in Oak Park, adding that 60 percent of his sales are single-family homes.

Roz Byrne of RE/MAX In The Village in Oak Park said Oak Park remains as attractive as it was during the housing boom. But before the market started to tank, younger people were not able to purchase homes in the village. They often chose to live in a more affordable community like Cicero, Berwyn and Forest Park while still remaining close to Oak Park. There are currently 56 homes listed at $300,000 or lower, she said.

“There didn’t use to be any,” Byrne said.

Many people are also stepping up from condos to single-family homes and renting out their condos, Gloor said.

As for people trying to sell homes, Gloor says more homeowners are starting to take a chance on the market. He thinks they are starting to realize the lost value in their homes will not come back anytime soon. He expects the market to hit the bottom, if it already hasn’t, and stay there for the next couple of years with only small appreciation in value.

“I think people are grasping that,” he said. “There is no guarantee that you will make more money (on a home) in two years.”

According to statistics compiled by the village through the end of June, the average sale price of a single-family home has seen a slight rise in sale price from 2009, jumping to $411,745 from $400,699, a 2.7 percent increase. Attached residences — condos and townhouses — have dropped by about 3.6 percent, to $197,908 from $205,021.

But prices are still way down overall. The average house in Oak Park sold for $525,971 in 2007, while town houses and condos cost an average of $273,974, according to Midwest Real Estate Data. 

“Houses are at an eight-month supply,” Byrne said, referring to the statistic that suggests how long it would take for all homes to be sold if no new ones come on the market. “That’s still a buyer’s market, but it’s not drastic. Condos are at 16.2 months. That’s a long time.”

While market time has looked better for single-family homes, it’s getting harder to sell condos and townhouses. The average home has spent 103 days on the market so far this year, down from 138 last year. Condos typically spend 202 days on the market, up from 190.

“The single-family market is starting to correct itself, but we still need to wait on the condo market to start correcting itself,” said Tammie Grossman, the village’s Housing Programs Manager. “There are more units available than there are buyers. Until we see an increase in the numbers of buyers, we are going to continue to see these problems (in the condo market).”

The troubles in the condo market are evident with two large projects delayed. Developers for Madison Highlands, 511 S. Harvey Ave., and Home Avenue Townhomes, on the southwest corner of Home Avenue and South Boulevard, have requested extensions. For Home Avenue Townhomes, the developer has only sold five of the 12 condos and two of the 17 townhomes.

Gloor does not think the village is over built, despite the new projects that have hit setbacks. He thinks it’s a matter of timing.

While new housing developments have sprung up in Oak Park in recent years, less than 6 percent of homes in the village have been built since 1995, according to MLS statistics. Meanwhile, almost 78 percent of homes were built before 1970.

“I don’t think it was too much,” he said. “It was a perfect storm. If you look at Oak Park, it is definitely a sustainable amount, it just came at the wrong time.”