Elmhurst real estate news & market updates

Featured Listing

Featured Listing

For Sale: $640,000

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Jan 2019 Update, New Development, Renovation Light

Elmhurst Market Statistics for December

Prior 12 months property sales decreased from 624 in 2017 to 593 in 2018. December 2017 property sales vs December 2018 property sales decreased from 28 to 21 homes sold. Prior 12 months average sales price increased 6% from $526,578 in 2017 to $558,154 in 2018.  The December Average Sales Price increased 2.2% from $498,152 in December 2017 to $509,083 in December 2018. The December 2017 vs. December 2018 median price decreased .2% from $365,835 to $365,000. The December Average Days on Market (DOM) increased from 103 in December 2017 to 163 in December 2018.

The December 2018 MSI of 6.29 months was at its highest level compared with December of 2017. 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 December 2018 Selling Price vs. List Price of 93.9% increased .3% from 93.6% in December of last year.



Elmhurst Continues to Attract New Developments, Retailers

The booming real estate trend in Elmhurst is showing no signs of slowing down, and that is partly due to the vibrant and bustling downtown, which is seeing a virtual renaissance of multi-resident units close to the action.

Mayor Steve Morley made his annual State of the City address recently and addressed the number of residential units that are popping up in the downtown area as well as the planned replacement of the Metra train station.

The downtown will see three large development projects in the next two years—a six-story high-end apartment complex at Addison and First Streets, a luxury apartment complex at Addison and Second Streets, and a 23-unit condo development at the long-vacant site at Cottage Hill and Park Avenues.

Morley was quick to point out that the city has been working with consultants to ensure that the growth isn’t too fast or large for the city’s infrastructure to handle. Experts believe that the city can actually accommodate double the amount of what is being built. Given the two-year timeframe for the three large developments, the city is confident that the absorption will be more gradual than it might appear.

The developments are likely to appeal to young professionals who commute to Chicago and retirees/empty nesters who want to downsize but stay in Elmhurst.

In other good news for the city’s real estate, the building department issued 97 new home permits in 2018, which is four times more than last year, and more than 3,000 overall permits.

Morley also announced that Metra station has obtained $16.4 million for improvements, and he said he was confident they would reach the $18 million mark. The train station is the busiest stop on the Union Pacific West Line, however, having been built in the 1960s, it has become outdated in terms of services it can offer. It also has accessibility issues, a crumbling infrastructure, and heavy congestion in the drop-off lanes.

Consider “Renovation Light” for a Faster-Selling Home

Most people know that when putting your house on the market, decluttering and a fresh coat of paint go a long way. And if your home has buckled linoleum and pink tile, you’re probably smart to consider a remodel. But there is a new trend on the market, halfway between staging a home and remodeling. Let’s call it “Renovation Light.”

If your home was remodeled in the last 15 years, renovation light might be something to consider. Those cherry cabinets that looked so great in 2010 aren’t necessarily what buyers are looking for anymore. Ditto for blond hardwood and the beige tumbled stone tile in the bathrooms.

This is where a renovation light comes in—rather than gutting your kitchen, you could paint the cabinets a trendy gray, refinish the floors in a gray neutral tone, and replace the track lighting with modern pendant lights. 

Replacing outdated backsplashes or shower tile can also make a big difference to updating a look. Other easy fixes are replacing built-in light fixtures and cabinet hardware. The look today is more minimalist and streamlined than it was 10 years ago, and the colors have switched from beige undertones to decidedly gray ones.

In the past few years, many agents have noted that homes with semi-dated finishes are taking longer to sell. These homes aren’t fixer-upper homes at bargain prices that require sweat equity, but they’re not quite what buyers are looking for in a certain price point. In fact, few buyers today are looking to put much work into a new house, preferring a home that is move-in ready. This is particularly true of younger buyers, but older generations are also tired of serious renovations and want to move in and move on. 

Some trends that date your home: Tuscan-style kitchens, travertine tile, pickled or glazed cabinets, brass or brushed nickel finishes, and even granite countertops (instead consider marble, soapstone, Corian, quartz, recycled glass or even concrete).

A good realtor will be able to tell you some easy fixes to bring your home into the 21st century and get it sold quickly. Here at Gracik-Makinney, we offer tips to all our sellers on ways to declutter and stage your home. But if you’re eyeing light maple cabinets and tumbled marble tile, you might want to consider a “renovation light.”