Elmhurst Real Estate Market Update
The Elmhurst Real Estate Market is still pretty strong in January despite the lack of inventory. Single family home sales increased and market times decreased. Homes are selling fairly quick. With the limited inventory buyers need to act quickly when a new listing comes on the market.
Elmhurst Market Times
Single family home market times decreased in January. Homes were on the market for an average of 136 days compared to 150 days last year at the same time, a 9.3% decrease. Condos and townhomes sold super fast in January. The average time a condo/townhome stayed on the market was 38 days compared to last year when it was 198 days, more than an 80% decrease.
Elmhurst Months Supply
Single family home inventories in Elmhurst had 2.9 months of supply at the end of January, more than a 21% decrease compared to last year at this time when the months supply was 3.7. The supply of condos and townhomes increased slightly, 4.2% in January with 2.5 months supply this year compared to last year when the months supply was 2.4.
Elmhurst Homes For Sale
At the end of January there were 152 single family homes for sale in Elmhurst, a 15.6% decrease from last January when there were 180 homes for sale. The number of condos and townhomes for sale increased 11% in January with 20 for sale this year compared to last year when there were 18 for sale.
Elmhurst New Listings
New listings saw a decrease during January with 83 single family homes newly listed compared to the 90 listed in January 2017, a decrease of 7.8%. Condos and townhomes saw a 10% decrease with 9 listed for sale this January compared to 10 new listings at this time last year.
Elmhurst Real Estate Closings
The number of single family home closings increased 29.2% with 31 closings this January, compared to 24 closings last January. Condo and townhome closings had a 50% increase in closed sales with 3 closings this year compared to 2 last January.