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Local Business

Property values flat despite higher prices

(Stock image)
(Stock image)

VILLA PARK – May housing sales in Villa Park 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 flat in Villa Park (29 both years), according to data from Mainstreet Organization of Realtors.

Sale prices, however, were up. The median sale price in Villa Park jumped from $183,000 to $210,200, 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."

– – –  NOTE: Boxes formatted with double spaces in "Blurb" field – – – –

Number of houses sold

Market 2014 2013 % change
Addison 19 23 -17.4%
Bensenville 14 16 -12.5%
Elmhurst 62 55 12.7%
Hinsdale 33 22 50%
La Grange 16 19 15.8%
Lombard 41 48 -14.6%
Oak Brook 6 4 50%
Villa Park 29 29 0%
Westchester 21 18 16.7%

Source: Mainstreet Organization of Realtors

– – – –
Median sales price

Market 2014 2013 % change
Addison 210,000 218,000 -3.7%
Bensenville 187,450 156,875 19.5%
Elmhurst 355,000 435,000 -18.4
Hinsdale 1,000,000 956,000 4.6%
La Grange 410,750 410,000 0.2%
Lombard 240,000 197,697 21.4%
Oak Brook 557,500 1,073,000 -48%
Villa Park 210,200 183,000 14.9%
Westchester 552,000 465,950 18.5%

Source: Mainstreet Organization of Realtors

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