Comparing the one year period of time ending on September 24, 2011 and the same period of time the prior year, the volume of sales has been pretty consistent, with 52 sales of condos/townhomes in Elmhurst this year and 54 at the same time last year. Sales of distressed properties (foreclosures and short sales) have increased from 15% of all units sold to 21% of units sold.
Prices for condos and townhomes that sold this year range from $15,000 – $609,000 and last year at this time, the range was similar, but note the floor decreased dramatically from last years $55,000 – $ 615,000. There were three properties that sold under $55k this year.
The average price per square foot has decreased from $176 to $158, even though the mix of properties sold were built in 2000 or later went from 30% of the units sold to 46% of the units sold.
So what can you get for under $225k in the Elmhurst condo market? Located at 136 N Haven is a vintage one bedroom, one bath 828 square foot condo located a short walk from the train listed at $219k. For $215,000 you can get a 1,486 square foot new construction 2 bed, 2 bath condo and it comes with heated garage space located in the Essex Place condos which are located just a stones’ throw from the new Elmhurst Hospital campus at 175 Brush Hill.
For the big spenders who like the biggest and brightest of everything, there are six new construction townhomes located on First Avenue in Elmhurst within walking distance to downtown and the train. Several models with three bedrooms and 3 ½ baths are for sale priced between $565k and $625k. Check out 359 W First to see the most expensive townhome option available in Elmhurst.
Overall Elmhurst Market Conditions
As of September 1, there was about an 18 month supply of condo inventory on the market, which is the lowest it’s been in the last 2 years at this time. The time a condo/townhome stays on the market has remained consistent at about 200 days, though we’re moving into the slow selling season, which should present some buying opportunities as sellers compete for fewer buyers.