Elmhurst Real Estate Market Conditions – March 2018 – Single Family Home Inventory Continues To Shrink

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market is still pretty strong in March despite the lack of inventory. 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 increased in March. Homes were on the market for an average of 119 days compared to 97 days last year at the same time, more than a 22% increase. The average time a condo/townhome stayed on the market was 170 days compared to last year when it was 47 days, more than an 261% increase.

Elmhurst Real Estate market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had 3.9 months of supply at the end of March, more than a 7% decrease compared to last year at this time when the months supply was 4.2 months. The supply of condos and townhomes increased 52.2% in March with 3.5 months supply this year compared to last year when the months supply was 2.3.

Elmhurst Real Estate months supply

Elmhurst Homes For Sale

At the end of March there were 194 single family homes for sale in Elmhurst, a 8.5% decrease from last March when there were 212 homes for sale. The number of condos and townhomes for sale increased more than 41% in March with 24 for sale this year compared to last year when there were 17 for sale.

Elmhurst Real Estate homes for sale

Elmhurst New Listings

New listings saw a decrease during March with 112 single family homes newly listed compared to the 142 listed in March 2017, a decrease of 21.1%. Condo and townhome new listings decreased 40% with 9 listed for sale this March compared to 15 the same time last year.

Elmhurst Real Estate new listings

Elmhurst Real Estate Closings

The number of single family home closed sales decreased more than 14% with 41 closings this March compared to 48 last year. Condo and townhome closings had a 72.7% decrease in closed sales with only 3 closings this year compared to 11 last March.

Elmhurst Real Estate closed sales

#ElmhurstRealEstate

Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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