Elmhurst,IL December 2011 Real Estate Market Trends
Elmhurst,IL December 2011 Real Estate Market Trends
Year-To-Date December, 2011 vs. Year-To-Date December, 2010, the average price in the Elmhurst Area is down 1.7%. The YTD average price is down from $388,665 to $382,054. As for December, 2011 vs. December, 2010, the average price in the Elmhurst area is up 33.21%, from $316,244 to $421,265 according to MRED. The YTD median price increased 2.6%, from $311,750 to $320,000. As of January 19, 2012, there are 344 active listings in the MLS, representing a 11.73 month supply of inventory (MSI). Remember, 5.5 months is considered a "balanced" market by most. Year-To-Date average Days on Market (DOM) is up from 139 in December, 2010 to 141 in December, 2011.
2011 - A Very Good Year for The Gracik Makinney Group!
I would like to once again wish everyone in the Elmhurst area a very happy and healthy New Year. The Gracik Makinney Group, as well as Koenig & Strey Elmhurst Office, are celebrating great success in 2011 and planning for the same in 2012.
As highlighted in Chicago Agent Magazine, two members of Koenig & Strey were ranked in the top five of DuPage County’s Top 20 Agents by total dollar volume closed. I’m proud to say that Gracik Makinney Group ranked fifth, and we would like to congratulate the other agents.
In addition to maintaining the lead in the Elmhurst Luxury Real Estate market, the Gracik Makinney Group and the Elmhurst office of Koenig & Strey also ranked #1 in the Elmhurst Market Share.
This level of achievement is no small accomplishment in these economic times.
Gracik Makinney Group’s success comes from the dedication, hard work, and commitment of our agents who give their all to help our great clients buy, sell and invest with confidence. And it also comes from the support of family and friends.
We give our heartfelt thanks to everyone who has helped make 2011 a remarkable year for Gracik Makinney Group. We look forward to the challenges and rewards of serving you in the year to come.
Come experience the confidence of working with a great company! If you’re looking for property in the Elmhurst and DuPage County area, call me, Tom Makinney, at our home office, (630) 567-5902, or check out my website.
Chicago-area existing home sales eke out 1.3% gain
(Tribune) Sales of existing homes in the Chicago area managed to rise 1.3 percent in 2011, with December home purchases increasing a robust 17 percent due to mild weather and record-low mortgage interest rates, the Illinois Association of Realtors reported Friday.
The city of Chicago did not enjoy an annual sales increase, however, as the 17,715 homes sold within the city was a 7.2 percent decline from 2010. In December, city home sales rose 6.4 percent on a year-over-year basis.
While sales volume showed improvement in December across the board, with many areas recording double-digit gains, median sales prices continued to slide from their year-ago comparisons, reinforcing a market that overwhelmingly benefits home purchasers. "Buyers are finding deals that are simply too good to pass up," said Loretta Alonzo, a real estate agent at Century 21 Alonzo & Associates in La Grange Park. "People are gravitating toward foreclosures and short sales right now and that's causing the median prices to drop."
In the nine-county Chicago area, the median price of the 6,090 homes sold in in December was $145,000, a 13.6 percent decline from a year ago. The pricing decline within the city was not as severe; the median price of $156,000 was a 6.2 percent drop from December 2010.
Some parts of the Chicago area showed dramatic improvements in demand for housing in December from a year ago. Sales volume rose 12.3 percent in Cook County, 15 percent in DuPage, 21 percent in Kane, 26 percent in Kendall, 20 percent in Lake, and 33 percent in Will. However, in all those cases, median sales priced declined.
"A trend nowadays is so hard to define," said Tom Krettler, a real estate agent at Re/Max United Northwest in Palatine. "You can have a one-month trend. I think there is some momentum. There's stuff going on right now. There's people who are interested in buying."
Within the city of Chicago, sales of condos and single-family homes both gained momentum last month from their December 2010 comparisons. Sales of condos posted a 5.3 percent gain, albeit with a 18.7 percent decline in the median price that brought it down to $183,000. For single-family homes within the city, sales rose 7.8 percent during the month, while the median price fell 1.7 percent from December 2010, to $135,000.
For the year as a whole, median prices declined 11.9 percent and 13.8 percent for the Chicago area and the city, respectively.
"Until these foreclosed properties and additions expected in 2012 clear the market, sustained upward movement in prices will be unlikely," said Geoffrey J.D. Hewings, an economist at the University of Illinois, in a statement.
The monthly average commitment rate for a 30-year, fixed-rate mortgage in the Chicago area was 3.94 percent in December, compared with 4.8 percent in December 2010, according to the Federal Home Loan Mortgage Corp.