Elmhurst real estate news & market updates

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May 2016 Elmhurst Real Estate Market Update!

Elmhurst Market Statistics for April

Prior 12 months property sales increased from 597 in 2015 to 602 in 2016.  April 2015 property sales vs April 2016 property sales decreased from 59 to 54 homes sold. Prior 12 months average sales price increased 5.7%, from $480,729 in 2015 to $508,280 in 2016.  The April Average Sales Price increased 25.6%, from $438,350 in April 2015 to $550,657 in April 2016. The April 2015 vs. April2016 median price increased 32.3% from $375,000 to $496,000. The April Average Days on Market (DOM) increased from 109 in April2015 to 121 in April 2016.

 

The April 2016 MSI of 7.48 months was at its highest level compared with April of 2015. 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 April2016 Selling Price vs. List Price of 95.8% decreased .6% from 96.4% in April of last year.

 

District 205 evaluates past year

Elmhurst schools continue to move forward, with an initiative to keep students engaged and curriculum vibrant. The past school year saw much progress toward these goals. 

The Focus 205 Community Engagement Initiative kicked off in September. The project is collaboration between the community and the school district, focusing on topics such as next-generation learning and future-ready classrooms.

While Focus 205 gets fully rolling, a district operational plan was launched with a two-pronged approach: developing a balanced assessment system for students and increasing student engagement in all grades.

Other highlights of the year included:

All students in grades 6-12 were provided with a Chromebook with plans to offer the laptops to students in grades K-5.

Students in grades K-5 were introduced to The Lucy Caulkins Writing Program to help them work on writing skills.

Plans were implemented to launch a new K-12 English curriculum next year, which will give teachers more text and online resources.

Finally, the district formed a Middle School Task Force to address the programming at middle school and how to help middle school students be more prepared for high school.

The next step in the Focus 205 Initiative will be to examine each school’s facilities, both their physical state and to determine if the building is meeting the needs of the students. Those findings will then be presented to the community for its input.

Great schools and a great education system mean that real estate values in Elmhurst are well above average for the area.  The school district is working hard to ensure that those standards stay strong.

To find out more about what makes Elmhurst a great place to live, contact us at (630) 441-5570 or www.gmregroup.com

 
 

Mixed News for First-Time Home Buyers

First-time buyers represented 30 percent of the market in March, the same as in March last year. First-time buyers across 2015 overall also represented an average of 30 percent.

Overall, there's mixed news. On the positive front, according to data from Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.69 percent in March. This was a very slight increase from 3.66 percent in February, but the rate has stayed below 4 percent for eight straight months. The average commitment rate for all of 2015 was 3.85 percent. Of course, from a historical perspective across decades, rates are extremely low which benefits first-time buyers. There's no guarantee that things won't change, but for now, interest rates are really attractive. That's the good news.

On the other hand, according to National Association of Realtors President Tom Salomone, while there were slight improvements, mortgage credit is still challenging to obtain for many first-time buyers and middle-income households. "Reducing the Federal Housing Administration's annual mortgage insurance premium rate and repealing its life-of-loan policy requirement would certainly expand options for more of these buyers," 
Salmone said, adding that "these changes would save consumers money and further strengthen the FHA's program by enticing more creditworthy borrowers to seek out FHA-insured loans."

We'll continue to keep an eye on issues affecting first-time buyers here in the Newsletter. For detailed local information or a referral to proven lenders we trust, give us call today!

   
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