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 slightly in March. 48 single family homes closed this year compared to the same time last year when 46 single family homes sold. Condo and townhome sales in March decreased with 11 closing this March compared to 14 closing last year the same time.
Market times for single family homes and condos/townhomes in Elmhurst decreased significantly during March. Single family homes were on the market for an average of 97 days, compared to 140 days in March 2016, more than a 30% decrease. Condo/townhome market times decreased more than 38% this March with an average of 47 days on the market, compared to the 76 days we saw at this time last year.
During March 2017, 141 single family homes were listed for sale in Elmhurst, an increase of more than 12% compared to the 125 new listings last March. New condo/town home listings also increased with 15 new listings this March compared to the 13 last year at this time, more than a 15% increase.
Elmhurst single family home inventory still remains historically low and just keeps shrinking. March ended with 4 months of supply, an 11% decrease compared to last March when 4.5 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 36% from last March with only 2.3 months supply for sale, compared to the 3.6 months of supply we saw last year at the same time.