Elmhurst real estate news & market updates

Featured Listing

Featured Listing

For Sale: $1,050,000

More Information

Elmhurst Real Estate Update By Tom Makinney Jr.

Elmhurst Market Statistics for February

February property sales were up 8% over the same time last year, from 25 in February 2013 to 27 homes sold this year. Prior 12 months sales are up 22% at 566 vs. 462 for last year.  Prior 12 months average sales price increased 12%, from $411,603 in 2013 to $460,633 in 2014.  The February Average Sales Price was up 22%, from $414,238 to $505,856. The February 2014 vs. February 2013 median price increased 8%, from $395,000 to $426,500. The February average Days on Market (DOM) were down from 138 in February 2013 to 126 in February 2014.

 

The February 2014 MSI of 7.55 months was at its lowest level compared with February of 2013. 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 February 2014 Selling Price vs. List Price of 97.7% was up from 95.4% last month and up from 92.6% in February of last year.

 

A History of Home Values

Some say history repeats itself, and in the case of home values, the Shiller Index indicates a likely predictable future.   This analysis tracks the value of standard existing home sales, factoring out the effects of inflation.  The data they’ve prepared challenges the perception that home prices are on a continual upswing, and presents more consistent tendencies over the past 116 years. 

Shiller acknowledges the drops and spikes, and attributes them to World War I, The Great Depression, and World War II, as well as the regional coastal bubbles and booms. They reach the conclusion that we have likely seen the “bottom out” around 2011, and maintain focus on the remarkable consistency in which levels return to their 1890 relative values.  

 

If you, or someone you know, are looking to evaluate your real estate investment options, feel free to contact us at 130 W. Park Ave in Elmhurst or at (630) 441-5570, or visit us on the web at www.MariaandTom.com!

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-deductible.  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 at (630) 441-5570. We are happy to help!