Elmhurst real estate news & market updates

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For Sale: $869,000

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April 2017 Market, Millenial Buyers, EHM Home Exhi

Elmhurst Market Statistics for March

Prior 12 months property sales decreased from 607 in 2016 to 597 in 2017.  March 2016 property sales vs March 2017 property sales increased from 46 to 48 homes sold. Prior 12 months average sales price increased 7.2%, from $497,712 in 2016 to $533,784 in 2017.  The March Average Sales Price increased 11.7%, from $465,433 in March 2016 to $520,096 in March 2017. The March 2016 vs. March 2017 median price increased 16.2% from $392,500 to $456,200. The March Average Days on Market (DOM) decreased from 140 in March 2016 to 97 in March 2017.

 

The March 2017 MSI of 7.93 months was at its highest level compared with March 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 March 2017 Selling Price vs. List Price of 95.7% increased 1.4% from 94.4% in March of last year.

 

Millenials starting to embrace home ownership

It’s the beginning of a new era as millennials emerge onto the home buying scene. This group, roughly comprised of 28-35 year olds, is getting older and wealthier and is increasingly seeing real estate as a sound investment option.

But in true younger-generation style, their tastes and preferences are different from those of other eras.

Many want to live somewhere with a more urban feel, even if they’re not in an actual urban area. They’re less likely to want or need parking, and instead are drawn to public transportation and ride-sharing services. They also value a neighborhood feel and a sense of community when considering location.

This is good news for Elmhurst, which is right on the Metra line and offers an abundance of housing options, both multi-unit and single family, near transportation, restaurants, and shopping. In fact, we’re the perfect fit for millenials who want to get out of the actual city but may not be ready to commit to a large riding lawn mower.

In addition to the newer condos and townhouses encircling downtown, Elmhurst still has a wide variety of homes in the entry-level price range. And our excellent schools and parks (to say nothing of the numerous fitness clubs) make Elmhurst the perfect landing spot for millennial buyers.

Of course, interest rates are rising, which could impact how many millenials will be able to buy. After an initial rate hike in December, sales for that age group dipped, even though the rates remain at historic lows.

The reality is, however, that inventory for first-time homebuyers is also at a low point. And with the Federal Reserve indicating a possibility of two or three more hikes in 2017, millenials are expected to overcome their financial jitters and remain a force.

Elmhurst History Museum looks at homes in America, and in Elmhurst

 


As realtors, we spend most of our time focused on homes and helping people find their perfect home. That’s why we are loving the Elmhurst History Museum’s new exhibit, “House and Home.”

The exhibit looks at how people have defined home at different times and in different regions. It examines building materials, interior finishes, and the finishing touches that people use, both decoratively and purposefully, to make their house a home.

There’s a wonderful sense of nostalgia woven in the exhibit, and most people will likely feel a sense of connection or nostalgia to at least one of the commonplace items on display, such as a toy, toaster, gardening tool, or household manual.

Rather than looking at housing trends chronologically, the exhibit zooms in on overall themes, tying together trends and innovations in building materials, furnishings, and décor.

The exhibit is on loan from the National Building Museum in Washington, D.C., but it also delves into housing and homes in Elmhurst. The museum has planned a number of tie-in events for children and adults, including a bus tour of Elmhurst neighborhoods on April 30.

The exhibit runs through May 25. The Elmhurst History Museum is located at 120 E. Park Ave. in downtown Elmhurst and is open Sunday, Tuesday-Friday 1-5 p.m. and Saturday 10 a.m.-5 p.m.

If you want to discuss current homes and housing in Elmhurst, give us a call at (630) 441-5570 or visit our website, www.gmregroup.com