Elmhurst, IL March 2012 Real Estate Market Trends

Elmhurst, IL February 2012 Real Estate Market Trends

Year-To-Date March, 2012 vs. Year-To-Date March, 2011, the average price in the Elmhurst Area was down 17.34%. The YTD average price was down from $404,617 to $334,464. The YTD median price decreased 16.849%, from $320,500 to $266,500. As of April 26, 2012 there were 421 active listings in the MLS, representing a 12.14 month supply of inventory (MSI)). Remember, 5.5 months is considered a "balanced" market by most. Year-To-Date average Days on Market (DOM) was up from 147 thru March, 2011 to 161 thru March 2012.

The statistics presented in Market Tracker are compiled monthly based on figures and data generated by MRED for detached single family and attached single family properties. Due to possible reporting inconsistencies, Days on Market (DOM), average prices, and rates of change should be used to analyze trends only. Property and statistical data sourced from MLS is solely for your personal, non-commercial use in buying or selling a property and is deemed reliable but not guaranteed and should be verified. All representations and warranties regarding the information are disclaimed. Reproduction or any other use is prohibited.

Spring... Everyone is smiling

Wondering why folks seem to have more of a 'spring in their step' this spring? Sure, the warm weather started unbelievably early and we barely saw winter. And yes, tax season is officially over. But one of the biggest reasons to smile in 2012 has been the activity of our local housing market. Elmhurst real estate has been extremely busy since the New Year and shows substantial signs of promising longterm improvement. That's right. It looks like there's a little less caution and a bit more optimism in the 'cautiously optimistic' outlook of late.

Borrowers, for instance, are smiling. Capital Economics, a leading independent research firm, reports that banks are making credit available to more buyers, lending amounts up to 3.5 times borrower annual earnings. Banks are also loosening loan-to-value ratios (LTV), now lending at an average of 82% LTV vs. the mid-2010 lows of 74%.

Homebuyers are smiling. Releasing its winter 2012 'Rent vs. Buy Index,' Trulia reports that in 98 of America's top 100 metropolitan areas, including the city of Chicago and DuPage County, owning a home is more affordable than renting. Key factors include low home prices, rising rents, and record low mortgage rates, still around 4% for 30-year fixed products.

Builders are even smiling. In late March, the Urban Land Institute released its real estate forecast for the next three years, with encouraging trends in both the residential and commercial building sectors through 2014. The panel estimates that single-family housing starts will jump from 428,600 in 2011 to a projected 800,000 in 2014. As demand improves, home prices should follow. ULI CEO Patrick Phillips says, "what we see in this survey is confidence that the U.S. real estate economy has weathered the brunt of the recent financial storm and is poised for significant improvement over the next three years." (www.uli.org)

And yes, REALTORS® are smiling, too. Helping you achieve your real estate goals puts the spring in my step every day. Count on me to continue to provide my highest level of service and attention, and thank you for the trust of your referrals

The Best Selling Strategy

Sellers, you have an excellent opportunity to sell your home this season, if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!