Elmhurst, IL May 2012 Real Estate Market Trends

Wednesday, June 27, 2012

by Thomas Makinney

Year-To-Date May 2012 vs. Year-To-Date May 2011, the average price in the Elmhurst Area was down 5.71%. The YTD average price was down from $391,455 to $369,116. The YTD median price decreased 6.406%, from $320,000 to $299,500. As of June 26, 2012, there were 388 active listings in the MLS, representing a 7.86 month supply of inventory (MSI). Remember, 5.5 months is considered a "balanced" market by most. Year-To-Date average Days on Market (DOM) were up from 144 thru May 2011 to 154 thru May 2012.

MARKET SUMMARY - ELMHURST

	New Listings	/ % Change	Closed Sales	Avg. Price	/ % Change	Median Price	Days on Market
May 2012	72	/ -33.94%	46	$454,432	/ 15.83%	$382,000	134
May 2011	109		40	$392,327		$322,500	141
Year-To-Date 2012	447	/ -10.78%	182	$369,116	/ -5.71%	$299,500	154
Year-To-Date 2011	501		138	$391,455		$320,000	144

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.

Experts Say Housing Prices Are About to Turn

Each quarter, Pulsenomics surveys a “distinguished panel of over 100 economists, investment strategists, and housing market analysts regarding their 5-year expectations for future home prices in the United States.”

Here are the results of their latest survey:

Price appreciation/depreciation expected over the next five years:

2012: -.4%

2013: +1.3%

2014: +2.6%

2015: +3.2%

The average pre-bubble (1987-1999) annual appreciation was 3.6%

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Article printed from The KCM Blog

URL to article: http://www.kcmblog.com/2012/06/26/experts-say-housing-prices-are-about-to-turn/

Realtor President Encourages Loan Pre-Approval

Stable home prices and low interest rates are creating competition among buyers in many areas of the country. When looking for a home in today's fast-paced market it's more important than ever to have your financial house in order before making an offer, especially when there may be multiple offers.

NAR President, Moe Veissi, explains that buyer should look into financing early in their home search process. "With the tight lending environment it’s a good idea to consult with a Realtor® about mortgages and program options in your area, and tips for boosting your credit score well in advance of making an offer on a home," he said. "It helps to go into the process knowing what it takes to succeed."