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‘Perfect storm’ creates ideal market for home sellers, buyers

Published: Monday, Aug. 11, 2014 9:32 a.m. CST
Caption
(Suburban Life illustration)
Data provided by Mainstreet Organization of Realtors shows housing market trends in the area.

VILLA PARK – This is the type of summer storm homeowners and homebuyers both can appreciate.

Overall, it’s still a seller’s market because there are more buyers than homes to choose from, which drives up demand and sale prices, said Doug MacArtney, managing broker for Coldwell Banker Residential Brokerage’s Lombard branch.

Buyers, however, still have plenty of incentive to act, according to MacArtney.

“It’s like the perfect storm we’ve all been waiting for for years,” he said. “For buyers, if you buy now, in five years, your property is probably going to be worth more – it’s a pretty safe bet. And interest rates are still low.”

The number of homes sold in Villa Park in June was up slightly (25 to 32) from June of 2013, according to data provided by Mainstreet Organization of Realtors.

Despite that increase, MacArtney said overall numbers so far this year show a drop in home sales, which he said is a reflection of lower inventory to start the year. But a rise in homes on the market in the last several months could help satisfy the buyer demand and boost the number of homes sold in the near future.

“We’re anticipating a more vibrant sales market this summer because of the increase in inventory,” he said.

Villa Park home prices were up 33 percent this June over June 2013. The median sale price went from $179,000 last June to $237,500 in 2014, according to the Realtors data. This June also saw a jump from the previous month’s $210,200 median price.

While property values could be on the rise, MacArtney said the jump in sales prices this June compared to last is more an indication that more high-end homes were sold.

MacArtney did not discount the possibility that home values have risen and emphasized that the current demand for homes makes 2014 a good year to sell.

“If you’ve been contemplating a sale, now may be great time to do so,” he said.

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