Elmhurst Real Estate Market Conditions: September 2016

Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to perform well with extremely low inventory, decreasing market times and strong sales.

Elmhurst Home Sales

52 single family homes and 5 condo/town homes closed in September. Compare that to the 50 single family home closings at the same time last year and you’ll find a small increase of 4% in the number of single family homes sold. Condo and townhome sales in September decreased more than 58% from last year with only 5 this year, compared to the 12 that sold at the same time last year.

Elmhurst real estate market closed sales

Elmhurst Market Times

Market times for single family homes and condos/townhomes in Elmhurst decreased this year. Single family homes were on the market for 88 days at the end of September, compared to 90 days on the market in September 2015. Condo/townhome market times decreased more than 39% this September with 61 days on the market, compared to the 101 days we saw at this time last year.

Elmhurst real estate market average market time

Elmhurst New Listings

During September 2016, 103 single family homes were listed for sale in Elmhurst, compared to the 109 new listings last year, a minimal decrease of 5.5%. However, new condo/town home listings have increased 75% with 14 new listings this September compared to the 8 last year at this time.

Elmhurst real estate market new listings

Elmhurst Months Supply

Elmhurst single family home inventory increased 6.3% this September, rising to 5.1 months supply of homes for sale. The months supply of Elmhurst single family homes for sale at the same time last year was 4.8 months. The months supply of condos/townhomes in Elmhurst is super low with only 3.3 months supply for sale, down 25% from last September when there were 4.4 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Elmhurst real estate market months supply

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Addison Real Estate Market Conditions: September 2016

Addison Real Estate Market

The Addison Real Estate Market continues to see good market conditions with strong sales and shrinking inventory.

Addison Market Times

Market times for Single Family homes in Addison increased a mere 2.4% in September. Homes were on the market for 86 days in September compared to 84 days last year at the same time. The time a condo/townhome stayed on the market increased significantly in September with 108 days, compared to last year at the end of September when it was at 19 days.

Addison real estate market average market time

Addison Months Supply

September ended with a 4.3 months supply of single family homes for sale in Addison. Compare that to last year at this time when there was a 4.8 months supply of homes and you’ll see a 10.4% decrease in supply. The supply of condos and townhomes decreased also from 3.7 months last year to an incredibly low 1.9 months supply this year.

Addison real estate market months supply

Addison Homes For Sale

Addison home inventory is still decreasing. At the end of September there were 108 single family homes for sale in Addison. This is a decrease of 10% from last September at this time when there were 120 homes for sale. The number of condos and townhomes for sale also decreased this year with 17 for sale at the end of Sept 2016 compared to 32 in Sept 2015, almost a 47% decrease.

Addison real estate market homes for sale

New Listings

New listings in Addison decreased during September with only 32 single family homes being listed for sale. That’s more than a 30% decrease from the 46 listed in Sept 2015. New listings for condos and townhomes increased 25% this year with 10 listed for sale this September, compared to 8 new listings in September 2015.

Addison real estate market new listings

Addison Real Estate Closings

The number of single family homes that closed in Addison decreased this September with 28 closings, compared to 33 closings in September 2015. Condo and townhome closings had a huge increase this Sept with 22 closings in 2016 compared to 4 closings in 2015, more than a 450% increase.

Addison real estate market closed sales

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Elmhurst Real Estate Market Continues Strong In August 2016

Elmhurst Real Estate Market Update Strong August Performance

The Elmhurst Real Estate Market continues to perform well with extremely low inventory and strong sales.

Elmhurst Home Sales

In the graph below, we see that 71 single family homes and 7 attached dwellings closed in August. Compare that to the 64 single family home closings at the same time last year and you’ll find an increase of more than 10% in the number of single family homes sold.  Condo/town home sales in August were slightly lower than last year with 7 this year compared to the 8 sold at the same time last year.

Elmhurst real estate closed sales

Elmhurst Residential Property Market Times

Market times for single family homes in Elmhurst is 82 days at the end of August, which is exactly the same number of days homes were on the market in August 2015. Condos/townhomes have risen to 124 days, which is 67% more than we saw at this time last year with 74 days.

Elmhurst real estate market times august 2016

Elmhurst Residential New Listings

During August 2016, 81 single family homes were listed for sale, compared to 83 new listings last year, a minimum decrease. Condos and town homes have decreased also with 7 new listings compared to the 12 last year at this time.

Elmhurst real estate new listings august 2016

Elmhurst Real Estate Months Supply

Elmhurst Real Estate inventory continues the positive trend to stay under a 5 months supply of home for sale. The months supply of Elmhurst single family homes for sale is 4.5 at the end of August, more than a 8% decrease from last year at the same time when there were 4.9 months of supply. Attached dwellings are at 3.6 months supply, down more than 18% from last August when there were 4.4 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Elmhurst real estate months supply august 2016

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Addison Real Estate Market Update: August 2016

Addison Real Estate Market

The Addison Real Estate Market continues to see good market conditions with strong sales and low inventory despite an uptick in market times for single family homes.

Addison Real Estate Market Times

Single Family homes in Addison were on the market for 105 days in August compared to 83 days last year at the same time. The time a condo/townhome stayed on the market decreased in August to 95 days, compared to last year at the end of August when it was at 126 days.

Addison real estate average market time

Months Supply

There is currently a 4.7 months supply of single family homes for sale in Addison. Compare that to last year at this time when there was a 4.4 months supply of and you’ll see a 6.8% increase in supply. There was an decrease in supply of condos and townhomes from 3.9 months at the end of August last year to a 3 month supply this year. Even with the slight increase in supply, inventory of single family homes is still low enough to be considered a sellers market.

Addison real estate months supply

Addison Homes For Sale

Addison home inventory is still super low. At the end of Aug there were 116 single family homes for sale in Addison. This is a mere increase of less than 1% from last August at this time when there were 115 homes for sale. There was a significant decrease of condos and townhomes for sale this year with 24 for sale at the end of August 2016 compared to 35 in August 2015, more than a 31% decrease.

Addison real estate homes for sale

 

New Listings

During August, 53 single family homes were listed for sale. That represents more than a 35% increase from the 39 listed in August 2015 and can certainly explain the increase in market time.  New listings for condos and townhomes plummeted more than 76% this year with only 5 listed in August, compared to 21 in August 2015.

Addison real estate new listings

Addison Real Estate Closings

August had a minor decrease in the number of homes that closed with only 26 this year compared to 30 closings in August 2015. Condos and townhomes closings increased significantly this August with 13 closings in 2016 compared to a 8 closings in 2015, more than a 62% increase.

Addison real estate closed sales

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Elmhurst Real Estate Market Update: Strong July Performance

Elmhurst Real Estate Market Update Strong July Performance

The Elmhurst Real Estate Market continues to perform well with low inventory and strong sales.

Elmhurst Home Sales

In the graph below, we see that 65 single family homes and 12 attached dwellings closed in July. Compare that to the 70 single family home closings at the same time last year and you’ll find a minor decrease of  7.1% in the number of single family homes sold.  With only 12 condo/town home sales in July, compared to the 15 sold at the same time last year, there is a 20% decrease of condos and town homes sold over July 2015.

Elmhurst Real Estate Market Closed Sales 7/16

Elmhurst Residential Property Market Times

Market times for single family homes in Elmhurst have increased more than 41% this July with 113 days compared to 80 days on the market in July 2015. Condos/town homes have risen to 91 days as of July 31, 2016, which is a 42.2% higher than we saw at this time last year with 64 days.

Elmhurst Real Estate Market Times 7/16

Elmhurst Residential New Listings

112 single family homes were listed for sale in July 2016, compared to 99 new listings last year. As its been a sellers market for sometime, it appears more people are jumping into the market this year.  Condos and town homes have increased also with 16 new listings compared to the 12 last year at this time.

Elmhurst Real Estate Market New Lisitings 7/16

Elmhurst Real Estate Months Supply

Elmhurst Real Estate inventory continues to decrease to historic lows. The months supply of Elmhurst single family homes for sale is 4.8 at the end of July, more than a 9% decrease from last year at the same time when there was 5.3 months of supply. This level stayed this low even with 112 new homes being listed in July. Attached dwellings are at 3.9 months supply, down more than 20% from last July. Anything under a 5 months supply is considered favorable conditions for sellers.

Elmhurst months supply 7.31.16

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