Elmhurst real estate news & market updates

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September 2017 Market Update, "Surbans," and Rezon

Elmhurst Market Statistics for August

Prior 12 months property sales increased from 590 in 2016 to 633 in 2017.  August 2016 property sales vs August 2017 property sales decreased from 72 to 64 homes sold. Prior 12 months average sales price increased .7%, from $525,950 in 2016 to $529,559  in 2017.  The August Average Sales Price increased 16.9% from $530,204 in August 2016 to $619,609 in August 2017. The August 2016 vs. August 2017 median price increased 21.7% from $429,500 to $522,500. The August Average Days on Market (DOM) increased from 81 in August 2016 to 100 in August 2017.


The August 2017 MSI of 3.05 months was at its lowest level compared with August 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 August 2017 Selling Price vs. List Price of 95.7% increased 1.1% from 94.6% in August of last year.



“Surban” millennials find Elmhurst the perfect hometown

Millennials are hitting the housing market and their unique needs and desires mean good news for cities like Elmhurst.
A recent article by the Washington Post (http://www.washingtonpost.com/sf/brand-connect/nar/millennials-go-surban/) coined the term “surban” to describe the type of town that is attracting millennials who are ready for the suburban life but don’t want to give up the amenities of an urban area.
They’re moving to the suburbs for the same reasons as other generations (less expensive housing, room to raise a family, good schools and parks) but they’re looking for more than a sleepy bedroom community: They want walkability, public transportation, ethnic restaurants, coffee shops, unique stores, and gourmet grocery options.
With our lively downtown, excellent school system, and prime spot on the Metra, Elmhurst is quickly rising to the top of Chicago suburbs for this generation.
The article points out that “surban” towns almost always have a college or university nearby (check!) along with quality daycare centers and upgraded playgrounds (check and check!). Other popular millennial amenities that we have include summer festivals, farmers’ markets, and a growing selection of microbreweries and wine bars.
This is the third straight year that millennials comprised the largest group of buyers (35 percent of all buyers), more than the combined number of younger and older boomers (31 percent) and more than Generation X (26 percent).
And while millennials are looking for a more urban-feeling suburb than past generations, they’re still relying on realtors for guidance and purchases. Todays supply shortages, strong competition, and conflicting internet information means a real estate agent is more valuable than ever.
We’re here to help buyers from any generation find the perfect home. To learn more about why Elmhurst may be the perfect place for you to put down roots, call us at (630) 441-5570 or visit our website, www.gmregroup.com.

City Council approves rezoning for Elmhurst business district

Elmhurst’s downtown business district continues to grow and expand with the times. On July 17, city council voted to approve a proposal that would rezone the downtown area.

The zoning committee reviewed building height, residential density, residential parking, and setback requirements in the downtown area. To get resident’s input, they held focus groups, did digital outreach, distributed community surveys, and held meetings and open houses.

The rezoning creates a central business district composed of an outer core, neighborhood transition district, and a civic/institutional district in order to change the zoning classifications of properties in that area.

Those amendments include changes to building heights, increasing the limit from the current four stories to up to six stories or 77 feet, and up to 10 stories if city council approves the building as a conditional-use structure.

The new zoning changes also allow for more townhome development in the area surrounding the business district, and reduced residential parking requirements.  

You can visit Elmhurst.org/downtownrezoning to learn more and see a map of the final rezoned districts. 

Elmhurst continues to grow and expand in exciting new ways. We love discussing our vibrant community. Reach out anytime by calling us at (630) 441-5570 or visiting www.gmregroup.com.