Elmhurst Real Estate Market Conditions – April 2017

Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions with decreasing market times, strong sales and extremely low inventory.

Elmhurst Home Sales

Single family home sales in Elmhurst increased more than 22% in April. 66 single family homes closed this year compared to the same time last year when 54 single family homes sold. Condo and townhome sales in April decreased more than 22% with 7 closing this year compared to 9 closing last year the same time.

Elmhurst real estate closed sales Apr 2017

Elmhurst Market Times

Market times for single family homes and condos/townhomes in Elmhurst decreased significantly during April. Single family homes were on the market for an average of 84 days, compared to 121 days in April 2016, more than a 30% decrease. Condo/townhome market times decreased more than 27% this April with an average of 45 days on the market, compared to the 62 days we saw at this time last year.

Elmhurst real estate market times Apr 2017

Elmhurst New Listings

During April 2017, 129 single family homes were listed for sale in Elmhurst, an increase of more than 8% compared to the 119 new listings last April. New condo/town home listings decreased significantly with 7 new listings this April compared to the 16 last year at this time, more than a 56% decrease.

Elmhurst real estate new listings Apr 2017

Elmhurst Months Supply

Elmhurst single family home inventory still remains historically low and just keeps shrinking. April ended with 4.2 months of supply, an 8.7% decrease compared to last April when 4.6 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 39% from last April with only 2 months supply for sale, compared to the 3.3 months of supply we saw last year at the same time.

Elmhurst real estate months supply Apr 2017

#ElmhurstRealEstate #ElmhurstRealEstateMarket

Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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