Home  
         

Property Search

Browse by Neighborhood

Browse by Zipcode

Search Condo Directory

Chicago Area Market Trends

Help >

 
 

Articles for ‘Market Insights’

Elmhurst Residential Real Estate Market Still Improving

Monday, November 4th, 2013 by faithg

We reached new highs again in the Elmhurst Real Estate Market during 2013. Below is an Elmhurst sales graph dating back to 2009, shown with a 12 month moving average. Notice that in March 2013 the number of units sold had risen higher than we have seen in the past 4 years. Sales in March 2013 increased more than 80% from March 2012. June and July 2013 were great months to sell your home in Elmhurst, with sales reaching the highest points since 2009.

elmhurst residential units sold

The contract activity in the Elmhurst Real Estate Market during 2013 shows several more months of record setting contracts. As you can see on the chart below, the year started out good through the normally dismal January and February months and sales continued strong each month thereafter. In July 2013, the contract activity increased more than 107% from July 2012. The contract activity in October 2013 is level with last year, but nearly double from where it was two years ago.

elmhurst_residential_contract_activity

During 2013 distressed sales in Elmhurst, Illinois were at their highest in January with 30% of the units sold being distressed. In July when residential property sales were at their highest in Elmhurst, the distressed sales were only 15%. In October 2013, the distressed sales were 11% of the sold units which is 1% less than last October.

elmhurst_residential_distressed_sales

The graph below shows Elmhurst home inventory since January 2009 courtesy of MRED. In March 2013, the inventory supply of residential properties in Elmhurst fell below a 5 month supply and has remained such. In July 2009 Elmhurst had more than 15 months of inventory, 3 times more than July 2013 when there was less than a 5 month supply, indicating that we are in a seller’s market.

elmhurst residential inventory supply

 

Elmhurst Real Estate Market Continues Strong in 2013

Wednesday, March 20th, 2013 by Sari Levy

People often ask me how things are in the Elmhurst Real Estate Market and my reply is generally “things are great”.  So what does great look on paper?  My partner, Gary Lucido, writes a blog about Chicago real estate.  He’s the man if you want to know anything about anything, especially graphs and numbers.  He recently posted on his Chicago Now Real Estate Blog that February home sales in Chicago once again turned in a strong performance relative to last year.  He reported that for the 20th month in a row closings beat the previous year’s numbers.

While the Elmhurst market doesn’t boast such exciting increase, it also didn’t see the same dramatic downturn over the course of the last few years that Chicago saw. Below an historic sales graph back to 2007 is shown with a 12 month moving average.  Notice that we are reaching new highs in the Elmhurst Real Estate Market. Last summers spike in sales started in June 2012 with units sold remaining strong even through the normally dismal January and February.  As I mentioned in January when I reported 2012 Elmhurst home sales, it’s a pretty active market out there.

elmhurst_closings

Increasing contract activity in the Elmhurst Real Estate Market and the resultant pending home sales continue to signal several more months of record setting closings.  As you can see in the graph below February contract activity is level with last year but at nearly double where it was two years ago.  One caveat to the chart is that it does not reflect the “decay factor” or the contracts that don’t close. A certain percentage of contracts never make it to closing.  In Chicago, the decay factor is about 20%.

elmhurst_contracts

Distressed sales in Elmhurst, Illinois came in at only 20% and February is supposedly the peak time of the year for foreclosure sales.  The Elmhurst Real Estate Market of course fares much better than Chicago as it relates to percentage of distressed property sales where it’s currently at 45%.
elmhurst_distressed

The graph below shows Elmhurst home inventory over the last 5 years courtesy of MRED. From a peak of around 16 months of supply it has now fallen to under a 5 months supply which is less than one third of its peak.  Folks, we are in a seller’s market; properties that are well priced going under contract in a day with multiple offers.

elmhurst_inventory

Elmhurst Real Estate Market in 2012

Tuesday, January 15th, 2013 by Sari Levy

2012 was a good year for real estate in Elmhurst. Single family home sales volume was up by from $154mm to just over $158mm in 2012. While the average sales price decreased marginally from $404k to $402k the number of units sold increased over 15% from 382 units in 2011 to 446 in 2012.

In both 2011 and 2012 there were 68 homes sold under distressed conditions (short sale, foreclosure or court ordered) but because of the increase in units sold in 2012 the percentage of distressed sales decreased from 18% in 2011 to 15% in 2012.

Single Family Home Inventory in 2012 was at the lowest levels in the last several years with just around a 4 months supply of single family homes in Elmhurst on the market at the close of the year.

The condo and townhome market also showed improvement with volume going from just over $11mm to $13.5mm with the average price increasing from $225k to $228k. There were 50 units sold in 2011 and 58 in 2012. During both years, distressed sales comprised about 14% of the total sales.

2013 promises to be a busy market for both buyers and sellers. Buyers of well priced/condition properties should expect competition and be ready to pay near or at list price. This doesn’t mean that deals don’t exist however, but buyers will need to be well informed and decisive. There are currently 58 condos and townhomes on the market and 160 single family homes for sale in Elmhurst.

Addison, Illinois Real Estate Market: Single Family Home Sales

Friday, February 3rd, 2012 by Sari Levy

Because I live and work in Addison, Illinois and am active in the Addison Chamber of Commerce, I frequently look at data relating to the Addison Housing Market.  Today, I reviewed all single family home sales in Addison over the last four months (October 2011 through February 1, 2012.  55 single family homes sold ranging in price from $49,000 to $416,000 with 78% of the home selling for under $200k.   The three bedroom ranch home located at 104 Iowa was pretty decent on the first floor, but the basement was definitely built for Mayans – the ceilings are lower than 5 feet high, and the basement was full of mold and it sold for $50k.  On the other end of the spectrum, the buyers who paid above $400k (two of them ) got beautiful new construction homes at bargain prices!

On average, the homes were for sale in the Addison, IL real estate market for 180 days – the majority of the homes were 3 bedrooms with 6 or 7 rooms with a few having more or less rooms.  Still staggering is the number of distressed sales, which is 48%.  While its down from the 2011 rate of 51%, it still is a huge factor in the home values in Addison, Illinois.  For comparsion sake, the rate of distressed sales in Elmhurst for 2011 was 15% and in Lombard, distressed sales account for 32% of the single family homes sales.

Home Buyers Finding Bargains In Oak Brook’s Midwest Club

Tuesday, January 24th, 2012 by Sari Levy

Midwest Club, Oakbrook

This month another luxury home sold in the Midwest Club in Oak Brook. 302 Midwest Club sold for $905,000 on January 13th. Listed at $800k, 302 Midwest Club Parkway is a bank owned home built in 1986 with 5200 square feet of living space, 5 bedrooms and six bathrooms. The home was once listed with a sales price of $2,999,850 and in 2007 had a mortgage against the property of over $2mm dollars.

The listing agent described the home as:

Wow! 2 story grand foyer, 1st flr master, hdwd flrs, & tray ceilings. 2nd flr w/ 4bdrms incl a master. Screened porch. 24 hr gate guard. Clubhouse w/ pool & tennis courts. OB/Hinsdale Schools! Come live the lavish life in MidWest Club! The most desirable gated community in Oakbrook!!! HOME IN MID REHAB COME TAKE A LOOK WITH ALL YOUR PERSONAL IDEAS!

Between the first time the home was listed and this last time someone started a major rehab project and then abandoned it. At the time of this sale the house had no flooring, the basement was gutted, and all the appliances, cabinets, and fixtures had been removed. The home was a shell of its former self.

Interestingly enough, the listing agent represented both the buyer and the seller in the transaction. The Midwest Club home was listed on the MLS December 14th with a demand for all offers by December 18th. Four days. Is that the best way to find the buyer willing to pay the highest price? Probably not, who knows what drives decisions on bank owned properties. Definitely notable is that the listing agent was also the buyers’ agent. One might wonder about the possible conflict of interest with dual agency in a case like this since the listing agent knew all the bids.

While this home was bank owned, most of the sales in Midwest Club over the last year have sold at significant discounts whether they were bank owned or not. If you are already searching the Oak Brook Market for a home, then it would be a good idea to set your upper price threshold around 25% higher than what you are willing to spend, especially if you are looking in the Midwest Club subdivision.  My partner wrote about the huge discounts on Oak Brook homes.

There are two additional homes under contract in Midwest Club. My guess is both will close at significant discounts off the current list price. Will sellers get the picture and adjust their prices downward toward what the current market bears? The smart ones will.

Recent Home Sales in Midwest Club, Oakbrook

# Street Beds Sq Feet Closed Date  Sold Pr  List Price  Discount
302 Midwest Club Pkwy 5 5200 1/13/2012  $   905,000  $   800,000 -13%
306 Midwest Club Pkwy 5 4700 8/24/2011  $1,100,000  $1,199,900 8%
508 Midwest Club Pkwy 5 5010 4/15/2011  $1,100,000  $1,350,000 19%
1001 Midwest Club Pkwy 6 11290 8/9/2011  $3,100,000  $2,999,000 -3%
1614 Midwest Club Pkwy 4 0 10/13/2011  $1,300,000  $1,680,000 23%
1902 Midwest Club Pkwy 5 0 8/29/2011  $2,800,000  $3,999,000 30%
2017 Midwest Club Pkwy 7 14000 11/15/2011  $1,800,000  $3,199,000 44%

 



Bookmark and Share
 
BBB Accredited BusinessLucid Realty, Angies List Super Service Provider Serving Chicago, Elmhurst, Hinsdale, Oak Brook, Downers Grove, Glen Ellyn, Lombard,
Addison, Wood Dale, Itasca, and Other Chicago Suburbs
Facebook Twitter You Tube RSS Feed  
About Us | News | Site Map | Real Estate Employment     Join our mailing list
 


  Delivered by FeedBurner


Terms of Use | Privacy Statement      All Rights Reserved. Information Deemed Reliable But Not Guaranteed. © 2014 Lucid Realty, Inc. Equal housing opportunity


Crome Interactive Marketing