A Multiple Listing search for Lombard, IL, today shows that even though the number of homes sold has dropped substantially the last couple of years, the prices have not been effected as significantly.
The number of homes sold in the last 12 months was only 299, compared to 352 in the previous 12 months, and 536 in the time frame from 24-36 months ago. The graph above shows the drops in the number of homes sold.
This graph shows the mean price of homes sold in the same time frame. Notice that the price from the last 12 months is about $11,500 less than the prices three years ago. The price 24-36 months ago was $316,310, 12-24 months ago the prices actually went up about $7,000 to $323,193, and in the last 12 months the price is $304,963. The current prices are down about 3.6% compared to the prices 3 years ago, which is only about 1.2% per year.
The market may be down slightly, but prices are not falling like a brick as the national media would like us all to believe. Keep your eyes on the Lombard prices not the national numbers. The local numbers are truer indicators of what your home is worth. If you would like an accurate home valuation, contact your Lombard Realtor.
This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed. The data presented is of detached single family homes only.
A Multiple Listing search of Villa Park, IL, today shows that the number of homes sold over the last 12 months is about half of the number from three years ago, but the prices are almost the same.
Similar to the national media claims, the graph above shows that the demand for homes has slowed.
The bar graph above shows the mean price of homes sold in the same time frame. Notice that the price from about 3 years ago is very close to what the prices are over the last 12 months have been and he price in the 12-24 month range actually went up about $19,000. Today's Villa Park property values are only a couple of hundred dollars less than 3 years ago.
When you hear things on the news about the housing market, understand that each local market can be very different. You can see that even though the national media says the prices have been dropping steadily over the last few years, the Villa Park market has remained about the same. If you would like to receive an accurate valuation of your property, contact your Villa Park real estate agent.
This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed. The data included detached single family homes only.
A recent Multiple Listing search for Elmhurst, IL, homes shows that even though the number of homes sold is still down, the home prices are beginning to climb. The information was broken down into one year increments dating back three years from today.
The bar graph above shows that although the number of homes sold are down about 27%, the last two years are nearly the same. This could suggest that the demand for homes in Elmhurst is stabilizing.
The graph above shows the prices in Elmhurst have increased nearly $13,000 in the last 12 months. Compare that to the 24-36 month ranges to see that the prices are only down about $11,000 from where the prices three years ago. As a percentage the difference is quite minimal at about 2 percent over this period or down about 3/4% per year.
The information shows that even though the national media is talking about how bad things are and how much worse things will get, the Elmhurst real estate market is already showing signs of stabilizing sales and increasing prices. If the demand stays around 350 homes sold or increases over the next 12 months we may see more increases in home values.
If you would like to receive an accurate valuation of your home, contact your Elmhurst Realtor.
This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed. The search included only detached single family homes.
The Chicago Tribune reported today that a City Council vote passed to increase the city real estate transfer tax by $3.00/1000 to bailout the Chicago Transit Authority. That brings the transfer tax to a jaw dropping $10.50/1000. That is a 1.05% tax to sell your house in the city. This comes after the Illinois General Assembly already approved at .25% increase in sales taxes for Chicago and Suburbs for same purpose. OUCH!!!
What is wrong with asking people who use the service to pay more for their tickets? A trip from Elmhurst to Chicago on the Metra/Union Pacific West only costs $3.80 one way...why not $4.25? The monthly rate is $102.60...why not a $120.00? It is still a great deal vs. driving and the cost of gas.
Why do tax payers have to carry these services when the CTA could increase ticket prices for those using the services?
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