Elmhurst real estate news & market updates

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Elmhurst Real Estate Update By Tom Makinney Jr.

Elmhurst Market Statistics for August

August 2014 property sales and August 2013 property sales were identical at 57 homes sold. Prior 12 months sales are up 7.4% at 578 vs. 538 for last year. Prior 12 months average sales price increased 5.4%, from $442,071 in 2013 to $466,036 in 2014.  The August Average Sales Price increased 20%, from $463,054 in August 2013 to $555,452 in August 2014. The August 2014 vs. August 2013 median price increased 10.8%, from $420,000 to $465,500. The August average Days on Market (DOM) decreased from 80 in August 2013 to 76 in August 2014.

 

The August 2014 MSI of 4.65 months was at its lowest level compared with August 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 August 2014 Selling Price vs. List Price of 94.8% decreased slightly from 95.2% in August of last year.

 

                   

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Mortgage Affordability Update

Freddie Mac reports the national average commitment rate for a conventional, 30-year fixed-rate mortgage was at 4.13 percent in July, down for the third consecutive month. Recent mortgage rates have fallen to their lowest levels since June 2013 when mortgage rates were available at 4.07 percent.

Steve Brown, NAR President, explains that improved credit scoring methods by Fair Isaac Corp (FICO) will make home ownership more affordable. "NAR supports efforts to broaden access to credit for qualified homebuyers, especially those who have been shut out of the housing market or forced to pay higher interest rates because of flawed credit scores," he said. "A solid credit score is necessary to keep borrowing costs down."

Increased mortgage rates may soon be upon us, according to NAR chief economist Lawrence Yun. "Although interest rates have fallen in recent months, median family incomes are still lagging behind price gains, and mortgage rates will inevitably rise with the upcoming changes in monetary policy," he said.

This is an excellent time for home buyers to take advantage of low interest rates. Contact us for more information on today's opportunities.