Elmhurst Real Estate Market Conditions – May 2020

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the pandemic and the extremely low inventory. Single family home inventory had 4.3 months of supply at the end of May. Home sales decreased more than 41% compared to last year.

Elmhurst Market Times

Single family home market times increased in May. Homes were on the market for an average of 88 days compared to 80 days last year at the same time, a 10% increase. The average time a condo/townhome stayed on the market was 120 days compared to last year when it was 48 days, an increase of 150%.

Elmhurst Real Estate Market Conditions - May 2020 market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.3 month supply at the end of May, more than a 36.8% decrease compared to the 6.8 months last year at the same time. The supply of condos and townhomes increased 17.8% in May with 5.3 months supply this year compared to 4.5 months last year at the same time.

Elmhurst Real Estate Market Conditions - May 2020 momths supply

Elmhurst Homes For Sale

At the end of May there were 202 single family homes for sale in Elmhurst, a decrease of 34.4% from last year when there were 308 homes for sale. The number of condos and townhomes for sale increased 2.3% in May with 45 for sale this year compared to last year when there were 44 for sale.

Elmhurst Real Estate Market Conditions - May 2020 homes for sale

Elmhurst New Listings

May single family home new listings decreased with 109 new listings compared to 175 last year at the same time, a 37.7% decrease. Condo and townhome new listings decreased 44.1% with 19 new listings this year compared to 34 last year at the same time.

Elmhurst Real Estate Market Conditions - May 2020 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales decreased with 42 closings this May compared to 72 last year, more than a 41.7% decrease. Condo and townhome closings decreased with 7 closings this May compared to 17 last year at the same time, a 58.8% decrease.

Elmhurst Real Estate Market Conditions - May 2020 closed sales

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Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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