A Multiple Listing search for Lombard, IL, today, shows that even though the number of homes sold has dropped the last couple of years. The first quarter of 2008 home sales have increased over 2007 and home values have rebounded as well. If you were waiting for the (national media's) bottom, you may have missed it.
The number of homes sold in the first quarter of 2008 are up 8 units, compared to 2007. That is an increase of around 14%. This may be a sign that there will be more homes sold in Lombard this year compared to last year. This should have a good impact on the home values as well.
This graph shows the mean price of homes sold in the same time frames. The 1st quarter of 2007 verses the 1st quarter 2008 is up almost $18,000. As a percentage that is a gain in value of just over 5.9% and the current value is nearly the same as in the 1st quarter of 2006.
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, or you are considering buying a home 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.