Elmhurst Real Estate Market Conditions – July 2017 – The Demand Is There But The Supply Isn’t

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Elmhurst Real Estate Market

The Elmhurst Real Estate Market┬áis still pretty strong despite the decline in homes sales in July. Homes are selling pretty fast, the demand is there but the supply isn’t. With the lack of inventory it’s no surprise home sales are depressed.

With such limited inventory it is a terrific time for sellers to capitalize on the current market conditions.

Elmhurst Market Times

Single family home market times decreased in July. Homes were on the market for an average of 93 days compared to 113 days last year at the same time, a 17.7% decrease. The average time a condo/townhome stayed on the market decreased a stunning 81.3% with 17 days this July, compared to last year when it was 91 days.Elmhurst real estate market times July 2017

Elmhurst Months Supply


Single family homes inventories in Elmhurst
had 4.4 months of supply at the end of July, a 17% decrease compared to last year at this time when the months supply was 5.3. The supply of condos and townhomes decreased more than 47% from 4 months last year to 2.1 months supply this year. These are extremely low inventory levels.Elmhurst real estate months supply July 2017

Elmhurst Homes For Sale

At the end of July there were 235 single family homes for sale in Elmhurst, a 9.3% decrease from last July when there were 259 homes for sale. The number of condos and townhomes for sale decreased 50% with 16 for sale at the end of July 2017 compared to 32 in July 2016.Elmhurst real estate homes for sale Jul 2017

Elmhurst New Listings

New listings in Elmhurst also decreased in July. Single family homes had 100 new listings compared to 111 listed in July 2016, a decrease of 9.9%. New listings for condos and townhomes had more than a 37% decrease with 10 listed for sale this July compared to 16 new listings at the same time last year.Elmhurst real estate new listings July 2017

Elmhurst Real Estate Closings

The number of single family home closings decreased 9.2% with 59 closings this July, compared to 65 closings last July. Condo and townhome closings decreased more than 41% with 7 closings compared to 12 closings last July.Elmhurst real estate closed sales July 2017

#ElmhurstRealEstate

Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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