September Newsletter

September Newsletter

August 2012 Real Estate Market Trends

As of August 2012, Elmhurst YTD sales are up 18%, from 292 to 346 homes sold...that's great news! Year-To-Date August 2012 vs. Year-To-Date August 2011, the average price in the Elmhurst Area was down 3.01%. The YTD average price was down from $391,874 to $380,059. The YTD median price decreased 4.83%, from $320,500 to $305,000. As of September 24, 2012 there were 372 active listings in the MLS, representing a 7.59-month supply of inventory (MSI). Remember, 5.5 months is considered a "balanced" market by most. Year-To-Date average Days on Market (DOM) were up from 137 thru August 2011 to 142 thru August 2012.

MARKET SUMMARY - ELMHURST

  New Listings / % Change Closed Sales Avg. Price / % Change Median Price Days on Market
August 2012 78 / 2.63% 39 $342,804 /-10.71% $300,000 130
August 2011 76   49 $383,926   $326,000 136
Year-To-Date 2012 697 /-11.44% 346 $380,059 /-3.01% $305,000 142
Year-To-Date 2011 787   292 $391,874   $320,500 137

 

 

The statistics presented in Market Tracker are compiled monthly based on figures and data generated by MRED for detached single family and attached single family properties. Due to possible reporting inconsistencies, Days on Market (DOM), average prices and rates of change should be used to analyze trends only. Property and statistical data sourced from MLS is solely for your personal, non-commercial use in buying or selling a property and is deemed reliable but not guaranteed and should be verified. All representations and warranties regarding the information are disclaimed. Reproduction or any other use is prohibited.

 

Investing in Real Estate

Today's low interest rates and stabilized home prices have created some great investment opportunities!  Investing in real estate has unique advantages over other types of investments:

  • Interest in mortgage loans are tax-deductible.  Investors can lower their tax liability while increasing their equity.
  • Renters pay down your mortgage loan.  Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.
  • Real Estate values increase over the long term.  Real Estate is limited and will always be in demand. 
  • 1031 exchanges are available to defer taxable income when you are ready to sell.

Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!

 

Chicago-area Home Prices Post Third Straight Strong Increase

  -  -

from Chicago Real Estate Daily

A closely watched index of local home prices posted a third straight strong increase in July, rising to its highest point in nearly a year.

The S&P/Case-Shiller index of Chicago-area single-family home prices rose 2.7 percent from June to July, according to a report released this morning. The local index jumped 4.6 percent from May to June and 4.5 percent from April to May.

The July index number is the highest for the area since September. Chicago-area prices are still are down almost 1 percent year-over-year, according to the report.

A 20-city composite price index increased 1.6 percent from June to July and was up 1.2 percent on a year-over-year basis, according to the report.

“The news on home prices in this report confirm recent good news about housing,” David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a release. “Single-family housing starts are well ahead of last year's pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing.

“All in all, we are more optimistic about housing. Upbeat trends continue. For the third time in a row, all 20 cities and both composites had monthly gains.”

The July increase was the fourth in a row for the Chicago area. Prices rose 1.2 percent from April to May.

On a seasonally adjusted basis, Chicago-area prices rose 0.8 percent in the period, compared with a 0.4 percent rise for the 20-city index.

Chicago-area prices still are down about 31 percent from their peak in September 2006, according to Case-Shiller data.

 
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