Elmhurst Real Estate Market Update
The Elmhurst Real Estate Market continues to perform well with extremely low inventory, decreasing market times and strong sales.
Elmhurst Home Sales
52 single family homes and 5 condo/town homes closed in September. Compare that to the 50 single family home closings at the same time last year and you’ll find a small increase of 4% in the number of single family homes sold. Condo and townhome sales in September decreased more than 58% from last year with only 5 this year, compared to the 12 that sold at the same time last year.
Elmhurst Market Times
Market times for single family homes and condos/townhomes in Elmhurst decreased this year. Single family homes were on the market for 88 days at the end of September, compared to 90 days on the market in September 2015. Condo/townhome market times decreased more than 39% this September with 61 days on the market, compared to the 101 days we saw at this time last year.
Elmhurst New Listings
During September 2016, 103 single family homes were listed for sale in Elmhurst, compared to the 109 new listings last year, a minimal decrease of 5.5%. However, new condo/town home listings have increased 75% with 14 new listings this September compared to the 8 last year at this time.
Elmhurst Months Supply
Elmhurst single family home inventory increased 6.3% this September, rising to 5.1 months supply of homes for sale. The months supply of Elmhurst single family homes for sale at the same time last year was 4.8 months. The months supply of condos/townhomes in Elmhurst is super low with only 3.3 months supply for sale, down 25% from last September when there were 4.4 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.