Elmhurst,IL February 2012 Real Estate Market Trends
Elmhurst, IL February 2012 Real Estate Market Trends
Year-To-Date February, 2012 vs. Year-To-Date February, 2011, the average price in the Elmhurst Area was down 18.47%. The YTD average price was down from $392,206 to $319,772. The YTD median price increased .7%, from $259,000 to $261,000. As of March 28, 2012 there were 395 active listings in the MLS, representing a 13.94 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 141 thru February, 2011 to 148 thru February 2012.
Investing in Real Estate
Today's low interest rates and stabilized home prices have created some great investment opportunities! Investing in real estate has unique advantages over other types of investments:
- Interest in mortgage loans are tax-deductable. Investors can lower their tax liability while increasing their equity.
- Renters pay down your mortgage loan. Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.
- Real Estate values increase over the long term. Real Estate is limited and will always be in demand.
- 1031 exchanges are available to defer taxable income when you are ready to sell.
Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!