Elmhurst Real Estate Market Conditions: January 2017

Elmhurst Real Estate Market Update

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

Elmhurst Home Sales

Single family home sales in Elmhurst have decreased with 24 single family homes closing in January. That’s more than a 17% decrease from last year when 29 single family home sold. Condo and townhome sales in January also decreased from last year with 2 closings this year compared to the 3 sold last year at the same time, more than a 33% decrease.

Elmhurst real estate market closed sales Jan 2017

Elmhurst Market Times

Market times for single family homes and condos/townhomes in Elmhurst increased during January. Single family homes were on the market for 150 days, compared to 129 days in January 2016, more than a 16% increase. Condo/townhome market times increased a whopping 175% this January with 198 days on the market, compared to the 72 days we saw at this time last year.

Elmhurst Real Estate Market average market time

Elmhurst New Listings

During January 2017, 87 single family homes were listed for sale in Elmhurst, an increase of almost 4% compared to the 84 new listings last January. New condo/town home listings have increased more than 37% with 11 new listings this January compared to the 8 last year at this time.

Elmhurst Real Estate Market new listings

Elmhurst Months Supply

Elmhurst single family home inventory still remains historically low and just keeps shrinking. January ended with 3.5 months of supply, a decrease of almost 8% compared to last January when 3.8 months of supply was for sale. The months supply of condos/townhomes is super low. Just when we thought it couldn’t get any lower the inventory decreased more than 35% from last January with only 2.2 months supply for sale, compared to the 3.4 months of supply we saw last year at the same time.

Elmhurst Real Estate Market months supply

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Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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