Average prices down, market times up in Elmhurst this year

The following market data is gleaned from the Elmhurst Real Estate Update published each month by the Gracik Makinney Group.

The average sales price ($337,991) year-to-date April 2012 was 13.58% below the average price in the corresponding period last year ($391,100). The median year-to-date price through April also fell from $320,000 to $269,000, a 15.937% decrease.

Eighty-nine Elmhurst properties were listed for sale in the MLS in April of this year, 18.35% fewer than the 109 listed in April of last year.

As of May 25, there were 403 active Elmhurst listings in the MLS, representing a 9.09 month supply of inventory at the current sales pace. A "balanced" market is considered to be a 5.5 month supply by real estate professionals.

The average days on market was up through April of this year to 162, compared to 146 for the same period last year.

Year-To-Date April 2012 vs. Year-To-Date April 2011, the average price in the Elmhurst Area was down 13.58%. The YTD average price was down from $391,100 to $337,991. The YTD median price decreased 15.937%, from $320,000 to $269,000. As of May 25, 2012 there were 403 active listings in the MLS, representing a 9.09 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 146 thru April 2011 to 162 thru April 2012.

NOTE: The Gracik Makinney Group is a client of my firm.

Filed under: Real Estate

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