Elmhurst Real Estate Market
The Elmhurst Real Estate Market is 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 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 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 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 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.