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Local Business

Property values flat despite higher prices

(Stock image)
(Stock image)

LOMBARD – May housing sales in Lombard provided much-needed stabilization to the market after a bitterly cold start to 2014.

Doug MacArtney of Coldwell Banker Residential Brokerage said the brutal winter conditions in the first quarter of 2014 were reflected in the housing market. He said sales were down compared to the first quarter of 2013.

"While the second quarter has been everything we were hoping for, year-to-date we're still playing catchup," said MacArtney, managing broker of the Lombard branch.

Comparing numbers from May of 2013 to May of 2014, home sales were down 14.6 percent in Lombard from 48 to 41, according to data from Mainstreet Organization of Realtors.

Sale prices, however, were up. The median sale price in Lombard jumped from $197,697 to $240,000, according to the Realtors group.

MacArtney said that's not an indication that property values have gone up that amount. There has been an uptick in higher-end sales as "move-up buyers" have been able to sell their starter homes and shop at a higher price point, he said.

"In fact, [property values] appear to have stabilized, they've been relatively flat year-over-year," MacArtney said.

There's still hope for sellers in 2014. The second quarter is expected to finish strong, said MacArtney, who predicts a rise in property values before the year is out.

"I think June is going to come in strong, perhaps stronger than last year," he said. "It looks pretty good."

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Number of houses sold

Market 2014 2013 % change
Addison 19 23 -17.4%
Downers Grove 55 71 -22.5%
Elmhurst 62 55 12.7%
Glen Ellyn 44 58 -24.1%
Lombard 41 48 -14.6%
Oak Brook 6 4 50%
Villa Park 29 29 0%

Source: Mainstreet Organization of Realtors

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Median sales price

Market 2014 2013 % change
Addison 210,000 218,000 -3.7%
Downers Grove 349,900 335,000 4.5%
Elmhurst 355,000 435,000 -18.4
Glen Ellyn 368,500 415,500 -11.3%
Lombard 240,000 197,697 21.4%
Oak Brook 557,500 1,073,000 -48%
Villa Park 210,200 183,000 14.9%

Source: Mainstreet Organization of Realtors

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