High Home Demand With Low Inventory Levels In Lombard

Share, follow or like us:
Facebook
Google+
https://blog.lucidrealty.com/2014/02/17/high-home-demand-with-low-inventory-levels-in-lombard/
Twitter
SHARE
Pinterest

Much like Elmhurst and Hinsdale, demand for well priced single family homes in Lombard is high but the inventory is super low. We recently sold an adorable 3 bedroom ranch home in Lombard with an overwhelming response. Within 2 days we had 16 showings and on the second day we had an accepted offer. The number of buyers that are in the market and waiting for more homes to come to market is larger than ever, but there is actually a shortage of properties to buy, indicating we are in a strong seller’s market.

The graph below shows the single family home and detached home inventory levels in Lombard over the last 5 years, courtesy of MRED. The inventory of single family homes for sale in Lombard has been decreasing year after year since a peak of almost a two years supply in 2011.  In sharp contrast, January 2014 ended with only a 3 month supply of single family homes for sale. This is more than a 36% decrease since January 2013 when Lombard had just under a 5 month supply of single family homes available which is down from the year before when there was 7.5 months of inventory.

Lombard MSI chart

 

If you’ve been on the fence about selling your home and are in the Lombard area, now is the perfect time to get it on the market before the competition increases. The time a home stays on the market before it sells is about 3 months.  Those priced above $300,000 tend to take an extra month to sell.  Follow our link if you wish to see recently sold homes in Lombard,

Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

Leave a Reply

Your email address will not be published. Required fields are marked *