Elmhurst real estate news & market updates

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April 2015 Elmhurst Real Estate Market Update!

Elmhurst Market Statistics for March

Prior 12 months property sales increased from 565 in 2014 to 573 in 2015.  March 2015 property sales vs March 2014 property sales increased from 45 to 48 homes sold. Prior 12 months average sales price increased 6.1%, from $456,184 in 2014 to $484,144 in 2015.  The March Average Sales Price increased 20.4%, from $400,795 in March 2014 to $482,533 in March 2015. The March 2015 vs. March 2014 median price increased 2.9%, from $350,000 to $360,000. The March Average Days on Market (DOM) decreased from 145 in March 2014 to 121 in March 2015.

The March 2015 MSI of 9.68 months was at its highest level compared with March of 2014. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. Remember, 5.5 months is considered a “balanced” market by most.

The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100%, the more of a Buyer's market exists; a ratio at or above 100% indicates more of a Seller's market. The March 2015 Selling Price vs. List Price of 93.5% increased 1% from 92.6% in March of last year.




NAR Generational Study

The 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study offers some interesting insights. Despite the economic and financial headwinds young adults have faced since the recession, the millennial generation represented the largest share of recent buyers, according to the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study.

Interestingly, the survey discovered that a strong majority of buyers search for homes online and then buy their home through a real estate agent, with millennials using agents the most. For the second year in a row, NAR’s study found that the most sizable group of recent buyers were millennials, those 34 and younger, who comprised 32 percent of all buyers (31 percent in 2013).

Generation X, those age 35-49, were next with a 27 percent share. Millennial buyers represented more than twice the amount of younger boomers (ages 50-59) and older boomer (60-68) homebuyers at 31 percent. The Silent Generation (ages 69-89) made up 10 percent of buyers in the past year.

Here are a few takeaways from NAR's Generational Trends study:

  • Gen Y comprises the largest share of home buyers at 32 percent, which is larger than all Baby Boomers combined.
  • Gen Y also has the largest share of first-time buyers at 68 percent.
  • At least 80 percent of buyers who are aged 59 and younger bought a detached single- family home; it is increasingly common for buyers over 59 to purchase townhouses and condos.
  • Among all generations of home buyers, the first step in the home buying process is looking online for properties for sale. Younger generations of buyers typically find the home they purchase through the internet, while older generations of buyers first found the home they purchased through their real estate agent.

Sales Strategy for the Season

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!

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