Elmhurst Real Estate Update, December 2013

Elmhurst Real Estate Update, December 2013

Elmhurst Market Statistics for November

November property sales were up 30.6% over the same time last year, from 36 in November 2012 to 47 homes sold this year. November YTD sales are up 37.6% at 652 vs. 474 for last year. November YTD average sales price increased 7%, from $382,850 in 2012 to $409,618 in 2013. The November Average Sales Price was up 3.5%, from $437,075 to $452,541. The November 2013 vs. November 2012 median price increased 40.8%, from $300,000 to $422,500. The November average Days on Market (DOM) were down from 59 in November 2012 to 51 in November 2013.

                 
Profile & Trends Month LM L3M PYM LY YTD PriorYTD PriorYr
Median List Price: All $409,450 2%   14%        
Average List Price: All $527,081 1%   13%        
Nov Median Sale Price $422,500 46% 31%
41%
39% $337,000 11% 11%
Nov Average Sale Price $452,541 24% 11% 4% 18% $409,618 7% 7%
Total Properties for Sale 202 -19%   -21%        
Nov No. Properties Sold 47 -20%   31%     38%  
Nov Average Days on Market 51 -14% 0% -49% -41% 60 -30% -30%
Asking Price/Sq Ft $215 -4% 0% 10% 8% $216 8% 8%
Nov Sold Price/Sq Ft $205 11% 4% 11% 11% $195 5% 6%
Nov MSI 4.3 1% 1% -40% -44% 4.3 -44% -44%
Nov Sale vs List Price 93.7% -2.6% -3% -1% -0.6% 96.1% 1.8% 1.9%

 

Inventory & MSI

The November 2013 MSI of 4.3 months was at its lowest level compared with November of 2012 and 2011. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. Remember, 5.5 months is considered a “balanced” market by most.

 

 

 

 

 

 

Selling Price vs. Listing Price

The Selling Price vs. Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100%, the more of a Buyer's market exists; a ratio at or above 100% indicates more of a Seller's market. The November 2013 Selling Price vs. List Price of 93.7% was down from 96.2% last month and down from 94.8% in November of last year.

 

 

 

 

 

Why Today’s Homebuyer Needs a Real Estate Agent More Than Ever

Teresa Boardman, Inman News contributor

Last summer I got an email from a local real estate attorney who wanted to buy a house. He’d just gotten engaged and wanted to save some money by representing himself.

This attorney wanted to do all the work an agent would do to find and buy his first home, and get paid a commission for his work. I explained to him that the commission is payable to the listing agent who agrees to pay a portion of it to the Realtor representing a buyer.

Usually, if there’s no buyer’s agent, the seller’s agent gets the entire commission. Some agents will accept a reduced commission for representing both parties. The seller saves some money that way. Sometimes the savings get passed along to the buyer.

I get several emails each year from homebuyers, usually first-timers, who want to know how they can get a real estate license so they can save money on the purchase of a home. They find me through my blog, and apparently decide that I am too scary to work with, but not so scary that they can’t ask me a question or two.

Read more here…

Happy Holidays from The Gracik Makinney Group!

 

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