Elmhurst Market Statistics for April
April Property sales were up 10.2% over the same time last year, from 49 in April 2012 to 54 homes sold this year. April YTD sales are up 32.4% at 180 vs. 136 for last year. The April YTD Average Sales Price was up 30.9%, from $350,549 to $459,031. The April 2013 vs. April 2012 median price increased 32.9%, from $299,000 to $397,500.
As of May 13, 2013 there were 189 active listings in the MLS, representing a 3.5-month supply of inventory (MSI). Remember, 5.5 months is considered a "balanced" market by most. The April average Days on Market (DOM) were down from 111 in April 2012 to 78 in April 2013.
| Profile & Trends | Month | LM | L3M | PYM | LY | YTD | PriorYTD | PriorYr | |
| Median List Price: All | $399,900 | 3% | 19% | ||||||
| Average List Price: All | $494,108 | 1% | 14% | ||||||
| Mar Median Sale Price | $397,500 | 19% | 15% |
|
30% | $345,750 | 26% | 13% | |
| Mar Average Sale Price | $459,031 | 12% | 11% | 31% | 19% | $412,465 | 21% | 7% | |
| Total Properties for Sale | 189 | -10% | -42% | ||||||
| Mar No. Properties Sold | 54 | 0% | 10% | 78 | 32% | ||||
| Mar Average Days on Market | 78 | 11% | 0% | -30% | -9% | 78 | -27% | -9% | |
| Asking Price/Sq Ft | $222 | 6% | 5% | 13% | 11% | $212 | 4% | 6% | |
| Mar Sold Price/Sq Ft | $197 | 11% | 7% | 9% | 7% | $184 | 3% | 0% | |
| Mar MSI | 3.5 | -10% | -26% | -47% | -54% | 5.0 | -51% | -34% | |
| Mar Sale vs List Price | 96.8% | 2.0% | 1% | 3% | 2.7% | 95.7% | 1.6% | 1.5% |
Inventory & MSI
The Total Inventory of Properties available for sale as of April was 189, down -9.6% from 209 last month and down -42.0% from 326 in April of last year. April 2013 Inventory was at the lowest level compared to April of 2012 and 2011.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2013 MSI of 3.5 months was at its lowest level compared with April of 2012 and 2011.
Selling Price vs. Listing Price
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 April 2013 Selling Price vs. Listing Price of 96.8% was up from 94.9% last month and up from 94.3% in April of last year.
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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.
