Tuesday, April 21, 2009

Lombard, IL 60148 - Housing Market Analysis

Lombard is located approximately 24 miles west of the Chicago "Loop" in suburban Dupage county.

Known as "the Lilac Village" Lombard is an established residential community, which traditionally served as a market center for surrounding rural areas. Settlers came when the railroad route westward from Chicago followed the St. Charles Road Trail.

The population has more than quadrupled since 1960, as the village has shared in the economic growth that has come from an expanding Chicago metropolitan area. As of the 2000 census, Lombard had a total population of 42,322. A 2003 recount gave the village a population of 43,251. The total land area of Lombard is 9.9 square miles.

The village's municipal neighbors include Addison to the north, Villa Park to the east , Downers Grove to the south, and Glen Ellyn to the west.

Transportation links include U.S. Route's 64, 38 and 58. The I-88 East-West tollroad passes on the southern edge and the I-355 North-South tollroad is on the western border of the village. Commuter train service to Chicago is available in downtown Lombard. O'Hare International Airport is approximately 9 miles northeast.

According to the Northern Illinois MLS the median sales price in Lombard in the twelve months ending April 19, 2009 for detached homes was $260,000.00 with 162 days on the market, with 261 sales.

Median sales prices have decreased -5.62% , sales volume has decreased -22.32% and marketing times have increased +22.72% over the previous twelve months.

In the twelve months ending April 19, 2008 the median for a detached home was $275,500.00 with 132 days on the market, with 336 sales.

There are currently 242 active listings of detached homes in Lombard. At the current level of absorption of 21.75 sales per month this represents a 11.12 month supply of existing housing inventory. This is an oversupply. Housing prices are expected to continue declining until this inventory of surplus homes (excess supply) is reduced to more typical levels.

If you have an active listing or need to sell in 2009 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Lombard, Illinois 60148. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. FHA and conventional. For all your Dupage County appraisal needs contact Citywide 312-479-5344