Elmhurst Real Estate Market Update: Pretty Strong in January

Elmhurst Real Estate Market Pretty Strong in January

elmhurst real estate jan

The  Elmhurst Real Estate market has been pretty healthy over the last few years with increasing sales, decreasing distressed sales and low inventory.

Elmhurst Closings

In the graph below, we see that 28 single family homes and 3 attached dwellings closed in January. Compare that to the 20 single family home closings at the same time last year and you’ll find a 40% increase in the number of homes sold.  With only 3 condo/town home sales in January, compared to the 8 sold in January last year, we have a decrease of 62.5% of condos and town homes sold over 2015.

Elmhurst Real Estate Market Sales

Elmhurst Contract Activity

Single Family home contracts are back on the rise as per usual in January because buyers are back from the holidays and eager to get the best deal. The early bird gets the worm, right? Contracts are an indicator of sales over the next several months.  It looks like we are off to a slower start than last year which will be reflected in the closing numbers February in March since closings take under 60 days on average in Elmhurst.

Elmhurst Real Estate Contract Activity

Elmhurst Distressed Property Sales

Despite a minor uptick in November, distressed property sales have been down in general over the last 2 years. The rate of distressed sales remains lower than 10% which is pretty low compared to other area markets.  For example, the Chicago market came in at 23% this month.

Elmhurst Real Estate Market Distressed Sales

Elmhurst Residential Property Market Times

Market times for single family homes were at 100 days. Condos/town homes were at 82 days as of February 1, 2016. Inventory continues to stay way lower than it was a few years ago. Single Family home market times rose for a short time but have now plateaued. We continue to see a decline in inventory of condos and town homes which keeps hitting new lows month after month for almost 2 years which is certainly a contributing factor to the lower market times.

Elmhurst Real Estate Market Times

Elmhurst Residential Property Months Supply

The supply for single family homes in Elmhurst is down to 3.8.  Attached dwellings are at 2.9 months supply.  Anything under a 5 months supply is considered a sellers market. Again, favorable conditions for sellers. I’d expect at least several hundred new homes to come to market in February and March.  This might give us a small spike in inventory. However, all indicators point to strong demand.
Elmhurst Real Estate Market Months Supply

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Lake Forest Real Estate Market Pretty Blah in 2015

Lake Forest Real Estate Market: A Look at 2015

Lake Forest Real Estate Market Trends for Single Family Homes were disappointing in 2015 across all key measures. Here are the highlights with trend charts below:

Lake Forest Single Family Home Average Sales Price

One of the Lake Forest Real Estate Market factors we reviewed was the 12 month average sales price for single family homes and that number increased slightly in 2015 to $1,044,794, a 2.3% improvement over the 2014 figure of $1,021,746.  The numbers are all over the place with no discernible seasonal trend.  For example, the highest average price figure in some time occurred in December 2015, but that month also had one of the lowest closed sales months in a while at 12.

Lake Forest Real Estate Detached Average Sales Price

Lake Forest Single Family Homes for Sale

Lake Forest Single Family Homes for Sale as of December 31, 2015 was 238, which is 48 more homes than at the end of 2014. Lake Forest Real Estate Market Detached Homes for Sale

Lake Forest Sold Homes

241 Homes were sold in Lake Forest in 2015, which is 36 fewer than the 277 homes sold in 2014, continuing a negative trend from 2013 when 313 homes were sold in Lake Forest. Interestingly, the 40 homes closed in June 2015 was one of the best single months in recent history.

Lake Forest Real Estate Market Detached Closed Sales

Lake Forest Months of Supply of Homes for Sale

From an inventory perspective, average Months of Supply of Homes for Sale in 2015 increased to 12.7, a 54.8% increase from the average of 8.9 in 2014. Shown below is a chart that reflects the actual months supply over the year.  12.7 is the average of the entire year.  This not a great indicator for potential sellers.

Lake Forest Real Estate Market Detached Months Supply

Average Market Time

We are also seeing negative trends in Average Market Time at 154 days in 2015 as compared to 137 days in 2014; still much improved compared to 260+ days 2009 and 2011.

Lake Forest Real Estate Market Detached Average Market Time

Lake Forest Real Estate Market – 2015 Condos and Townhomes

Lake Forest Real Estate Market results for condos and town homes was generally improved in 2015 across most key measures. Here are the highlights with trend charts below:

Average Sales Price

The average sales price in Lake Forest increased in 2015 to $510,747, a modest 2.1% improvement over the 2014 figure of $500,000.

Lake Forest Real Estate Market Attached Homes Average Sales Price

Months of Supply of Condos and Town Homes

From an inventory perspective, average Months of Supply of homes average for 2015 increased to 5.0, a 25% increase from the average months supply of 4.0 in 2014. A pretty good level when compared to the 57 Months of Supply in May 2009.  When compared to Lake Forest single family homes, this is very encouraging as it appears to have stabilized at a solid level.

Lake Forest Real Estate Market Attached Homes Months of Supply

Lake Forest Condos and Townhomes for Sale

The number of Lake Forest Condos and Townhomes for Sale as of December 2015 was 30, which is 10 more than the end of 2014. On a positive note, there were 69 closed sales in 2015, 7 more or +11.2% more than occurred in 2014.

Lake Forest Real Estate Market Attached Homes for Sale

 

Lake Forest Condo and Town Home Average Market Time

We saw a significant improvement in average market time ending 2015 at 83 days, which is historically low since 2009. This is compared to 171 days in 2014 and 270 days in June 2012.

Lake Forest Real Estate Market Attached Average Market Time

Lake Forest Real Estate Market

Interesting dynamics in the Lake Forest Real Estate market; the Single Family Home Market is struggling with inventory levels increasing and fewer homes selling year over year.
For Condos and Townhomes, inventory is growing slightly, but more homes are selling and selling more quickly.

Buffalo Grove Real Estate Market: A Look at 2015

Buffalo Grove Real Estate Market Trends

Buffalo Grove Real Estate Market Trends for Single Family Homes continued to improve in 2015 across all key measures. Here are the highlights with trend charts below:

Average Sales Price

One of the Buffalo Grove Real Estate Market factors we reviewed was the average sales price for single family homes and that number increased in 2015 to $392,590, a 5.9% improvement over the 2014 figure of $370,715.

Buffalo Grove Real Estate Market Detached Average Sales Price

Months of Supply of Homes for Sale

From an inventory perspective, average Months of Supply of Homes for Sale continues to decline to 3.7, a 9.3% change from the average of 4.0 in 2014. Great for sellers, not so great for buyers.

Buffalo Grove  Real Estate Detached Months Supply of Homes for Sale

Buffalo Grove Single Family Homes for Sale

Buffalo Grove Single Family Homes for Sale ended 2015 at 86, a low figure, given 61 homes closed in July alone. 419 Homes were Sold in 2015, which is 85 more than 2014 or +20%. This is twice as many that sold in 2008 and 2009!
Buffalo Grove  Real Estate Detached Homes for Sale

Average Market Time

We are also seeing nice improvement in Average Market Time at 66 days with a low mark of 34 days in June; excellent when compared to 250+ days 2009.  Average Market times in Buffalo Grove were the lowest of any Chicago suburb in 2015!

Buffalo Grove  Real Estate Detached Average Market Time

 

Buffalo Grove Real Estate Market – 2015 Condos and Townhomes

Buffalo Grove Real Estate Market for condo and town homes continued to improve in 2015 across all key measures. Here are the highlights with trend charts below:

Average Sales Price

The average sales price in Buffalo Grove increased in 2015 to $185,720, a 3.6% improvement over the 2014 figure of $179,068.

Buffalo Grove Real Estate Market Trends Attached Average Sales PriceMonths of Supply of Home for Sale

From an inventory perspective, Months of Supply continues to decline to an amazing average of 2.2, a 16.8% improvement from the average of 2.6 in 2014.

Buffalo Grove  Real Estate Market Trends Attached Homes Months Supply

Buffalo Grove Condos and Townhomes for Sale

The number of Buffalo Grove Condos and Townhomes for Sale ended 2015 at 65, a low figure, given 60 homes closed in July alone.
Buffalo Grove Real Estate Market Attached Homes For Sale

Buffalo Grove Condo and Town home Average Market Time

We also saw a nice improvement in which ended 2015 at 57 days , the low mark was 26 days at the end of October.  Again, the lowest average market time of all Chicago Suburbs!

Buffalo Grove Real Estate Market Attached Homes Average Market Time

Similar to the Single Family Home Market, inventory is shrinking. More homes are selling and selling more quickly! In addition, Condo and Town home inventory is getting tight. This should provide an excellent opportunity for Sellers!  Article authored by Eddie Nusinow of Lucid Realty.

Elmhurst Real Estate Market Trends

Elmhurst Real Estate Market Trends

With a new year comes resolutions and mine is to keep the public informed on some of the real estate markets where Lucid Realty operates. First up is a look at the Elmhurst Real Estate market in 2015.  In a nutshell, Elmhurst continued to see improvement over 2014. In fact, closings spiked to more than a 5 year high in June with 95 closings. April was another super strong month. However, the last quarter has been down over 2014 with December sales coming in 9% less than 2014 with 52 units sold. The graph below displays Elmhurst home sale activity going back to 2009. BTW, one thing you’ll notice in the graph below is that December is often higher than November despite the fact that this is the time of year when sales are generally declining.

Elmhurst Properties Sold by Month

Elmhurst Units Sold Dec 15

Elmhurst Contract Activity

Home sale contract activity in Elmhurst was up early in 2015 with an exceptionally strong March and staying strong until November when contracts began to fall below last year’s activity.  January should spike significantly with the holidays past and buyers getting out there to find their place.  Keep in mind that the last quarter data includes contracts that might not make it to closing which means the Q4 2015 numbers are likely overstated by as much as 20%.

Elmhurst Real Estate Contract Activity Dec 15

Elmhurst Distressed Property Sales

Distressed property sales have been down in general over the last 2 years despite a minor uptick in November.  Its seems the bottom for foreclosure rate on average over the last year is 5% which is much lower than the Chicago market in general.  This is good news.

Elmhurst Real Estate Market

Elmhurst Residential Property Market Times

Home sales times trended upward at the end of 2015 as they do most years.  However, they have not spiked as high as they have previously with average market time just below 125 days.

Elmhurst Real Estate Market Average Market Time

Elmhurst Residential Property Months Supply

Despite it being winter, inventory is under 3 months supply.  If you are a seller, this is good news, especially as buyers begin to come to market.

Elmhurst Real Estate Market Months Supply

 

Appealing DuPage County property taxes

tax

Did you fall out of your chair when you received your property tax bill? Do you think your assessor is wrong? Did you know you CAN do something about it?

In Illinois, property taxes are based on the market value of your home. Assessed values are required by law to be based upon the three prior years of actual sales transactions within the jurisdiction. For example, the 2013 assessed value was based upon sales occurring during the 2010, 2011 and 2012 calendar years.

Property taxes collected are used locally to fund and support community services such as fire protection, schools, park districts and construction, among others. We all want to contribute our fair share to keep these services, but what if you think they’ve over-assessed your property value?

If you want to appeal your DuPage County property taxes, you should start with your local Township Assessor’s office. They will review your information and files and provide you their results. If you still feel you’re tax bill isn’t accurate, you can file an appeal with the DuPage County Board of Review. You will need to provide evidence to support your claim, which should include three (3) or more comparable properties, preferably from the same neighborhood.

Once your appeal has been filed, you will have a hearing with the Assessor and County Board of Review. You may be asked questions about your property, as will the assessor. Once the hearing is concluded, the board will make its decision which will be mailed to the property owner after all Board of Review action is completed for the tax year. If you still think the assessment is inaccurate, you can appeal to the Illinois Property Tax Appeal Board or the Appellate/Circuit Court.

To prepare for your appeal, you should:

  • Have a recent appraisal, recent sale of property or recent sales of comparable properties
  • Review your property characteristics at the assessor’s office before filing an appeal
  • Understand that Fair Market Value is not the highest or lowest selling price of a property but the most probable selling price
  • When comparing properties in your area, use only similar properties (i.e. same design, same size, etc.)

Are you interested in how your township compares to others? You can view DuPage County property tax rates for all the individual townships here.