A local real estate appraiser looks at the current market
The City of Elmhurst is located approximately 15 miles West of the Chicago "Loop" in suburban Dupage County. According to the 2000 census the population was 42,762. The city has a total area of 10.3 square miles.
Elmhurst is bordered by Bensenville to the north, Northlake, Berkeley and Hillside to the east, Oakbrook to the south, and Villa Park and Addison to the west.
According to data from the Northern Illinois MLS there were 400 sales of single family homes in 2007, down from 449 in 2006. The average sales price was $544,290.00, this was an increase from $537,389.00 in 2006. Marketing times were an average of 184 days on the market, up from the 2006 average of 119 days.
As of February 18, 2008 there are 422 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 12.66 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.
To recap 2007 for detached homes, sales volume was down -10.91%, average sales prices up +1.28%, and the days on the market were up +54.62%. This market is oversupplied and the 422 active listings have already been on the market an average of 250 days.
The condo/townhouse market had 78 sales, down from the 115 properties that sold in 2006. Sales prices saw a increase with the average 2007 sales price at $298,285.00, compared to $290,547.00 in 2006. Marketing times were an average of 166 days on the market, an increase from the 2006 average of 83 days.
There are 136 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 20.92 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -32.17%, average sales price increased +2.66, the days on the market increased +100.00%. The 136 active MLS listings have already been on the market an average of 208 days.
If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.
Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.
Citywide Services provides residential appraisal service in Elmhurst, Il. 60126. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser that knows Dupage County contact Citywide 1-800-405-9718