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

Published: Monday, Aug. 11, 2014 9:29 a.m. CST
Caption
(Suburban Life illustration)
Data provided by Mainstreet Organization of Realtors shows housing market trends in the area.

LOMBARD – 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 Lombard in June was down slightly (53 to 48) from June of 2013 but did see a bounce up from the 41 homes sold in May of this year, according to data provided by Mainstreet Organization of Realtors.

MacArtney said the drop in home sales was a reflection of lower inventory to start the year, but an increase of 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.

Lombard home prices were up 10 percent this June over June 2013. The median sale price went from $225,000 last June to $247,700 in 2014, according to the Realtors data.

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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