Elmhurst real estate news & market updates

Featured Listing

Featured Listing

For Sale: $589,000

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May 2017 Market Update

Elmhurst Market Statistics for April

Prior 12 months property sales increased from 602 in 2016 to 609 in 2017. April 2016 property sales vs April 2017 property sales increased from 54 to 66 homes sold. Prior 12 months average sales price increased 4.8%, from $508,280 in 2016 to $532,649 in 2017. The April Average Sales Price decreased 2.5%, from $550,657 in April 2016 to $537,117 in April 2017. The April 2016 vs. April 2017 median price decreased 15.9% from $496,000 to $417,000. The April Average Days on Market (DOM) decreased from 121 in April 2016 to 84 in April 2017.

 

The April 2017 MSI of 5.86 months was at its highest level compared with April of 2016. 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.

 

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 April 2017 Selling Price vs. List Price of 95.3% decreased .5% from 95.8% in April of last year.

 


Summer festivals and happenings in western suburbs


 

Mark your calendars! As the weather warms up, the western suburbs are gearing up for a season of festivals, house walks, music fests, art shows, craft fairs, and wine festivals.

You won’t even need to battle traffic on the Eisenhower or coordinate a Metra schedule to take advantage of all that’s going on in the surrounding towns. 

Click here for a list of fun festivities to keep you busy from Memorial Day through Labor Day. We've highlighted the ones that are happening right in Elmhurst. 

Home Sellers Are Pocketing More Money Nationally

 


 

Nationally, the average price gain for homeowners who sold in the first quarter was $44,000. This represents an average return of 24% on the purchase price — the highest average price gain for home sellers (in both percentage and dollars) since the third quarter of 2007, according to ATTOM Data Solutions’ First Quarter 2017 U.S. Home Sales Report.

“The first quarter of 2017 was the most profitable time to be a home seller in nearly a decade, and yet homeowners are continuing to stay put in their homes longer before selling,” said Daren Blonquist, senior vice president with ATTOM Data Solutions. ​He also noted that, “This counterintuitive combination is partly the result of the low inventory of move-up homes available for current homeowners, while also perpetuating the scarcity of starter homes available for first-time home buyers.”

The report showed that homeowners who sold in the first quarter had owned their home for an average of 7.97 years. Between the first quarter of 2000 and third quarter of 2007, prior to the recession, average homeownership tenure was 4.26 years.

Blomquist suggested that the situation may be changing somewhat: “There are some early signs this inventory logjam may be loosening up in some markets, with the average homeownership tenure down from a year ago in nine of the 66 markets we analyzed, including Memphis, Dallas, Boston, Portland [Ore.], and Tampa," adding that "sky-high potential price gains may be finally prompting more homeowners to sell.”