A Multiple Listing search of Villa Park, IL, today shows that the number of homes sold is still declining and the prices in the first quarter of 2008 took a big hit. This may be the bottom so many have been looking for, since it seems like both Lombard and Elmhurst have begun to turn the corner. The graph below shows the 1st quarter results from 2006-2008.
The 1st quarter decrease in homes sold is down almost 50% over 2006, but only 25% over last year. Elmhurst sales are about the same as last year and Lombard sales are up 14% over the 2007's numbers over the same periods.
This graph shows that there was a slight spike in value from 2006 to 2007, but the prices took a big hit in the current quarter of almost $40,000. This is almost a 13.7% decline in value over last years quarterly numbers and around a 11.4% decrease over the 2006 numbers. This is not good news for those homeowners who wish to sell this year, but the rebound appears to be coming soon.
Elmhurst values increased about $4,300 more than 2007 prices and Lombard's values increased about $18,000 or 5.9%. With two bordering towns showing signs of life, it may not be long before Villa Park begins to increase as well. If you would like to receive an accurate valuation of your property, or you are considering buying soon, 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.