Elmhurst, IL May 2012 Real Estate Market Trends
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|
Experts Say Housing Prices Are About to Turn
Here are the results of their latest survey:
Price appreciation/depreciation expected over the next five years:
The average pre-bubble (1987-1999) annual appreciation was 3.6%
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Article printed from The KCM Blog
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."