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 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 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 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.