Elmhurst Real Estate Market Pretty Strong in January
The Elmhurst Real Estate market has been pretty healthy over the last few years with increasing sales, decreasing distressed sales and low inventory.
In the graph below, we see that 28 single family homes and 3 attached dwellings closed in January. Compare that to the 20 single family home closings at the same time last year and you’ll find a 40% increase in the number of homes sold. With only 3 condo/town home sales in January, compared to the 8 sold in January last year, we have a decrease of 62.5% of condos and town homes sold over 2015.
Elmhurst Contract Activity
Single Family home contracts are back on the rise as per usual in January because buyers are back from the holidays and eager to get the best deal. The early bird gets the worm, right? Contracts are an indicator of sales over the next several months. It looks like we are off to a slower start than last year which will be reflected in the closing numbers February in March since closings take under 60 days on average in Elmhurst.
Elmhurst Distressed Property Sales
Despite a minor uptick in November, distressed property sales have been down in general over the last 2 years. The rate of distressed sales remains lower than 10% which is pretty low compared to other area markets. For example, the Chicago market came in at 23% this month.
Elmhurst Residential Property Market Times
Market times for single family homes were at 100 days. Condos/town homes were at 82 days as of February 1, 2016. Inventory continues to stay way lower than it was a few years ago. Single Family home market times rose for a short time but have now plateaued. We continue to see a decline in inventory of condos and town homes which keeps hitting new lows month after month for almost 2 years which is certainly a contributing factor to the lower market times.
Elmhurst Residential Property Months Supply
The supply for single family homes in Elmhurst is down to 3.8. Attached dwellings are at 2.9 months supply. Anything under a 5 months supply is considered a sellers market. Again, favorable conditions for sellers. I’d expect at least several hundred new homes to come to market in February and March. This might give us a small spike in inventory. However, all indicators point to strong demand.