Elmhurst Real Estate Market Review: A Look Back into 2011 and 2010

2011 Elmhurst Real Estate Market

Elmhurst Condominium Market

In 2011, Elmhurst Condo sales were down drastically over 2010 with nearly $25mm dollar in volume sold in 2010 reduced to just over $11mm in  condo sales in 2011. In 2011, just 50 condo and townhome units sold in Elmhurst, compared to 108 in 2010. In 2010, distressed condo sales (short sales or foreclosures) accounted for about 20% of the sales in Elmhurst which were at 15% in 2011.

On average a condo stays on the market for 240 days and as of January 1, 2012 there are about 18 months of inventory on the Elmhurst condo market.

Elmhurst Single Family Homes

The Elmhurst single family home market faired much better in  Elmhurst in 2011 than the condo market did. In 2011 there was $155mm of home sales up over the 2010 volume of $142 mm. A total of 383  homes were sold in 2011, with fewer than 15% of the sales being distressed, in 2010 there were 343 homes sold in Elmhurst with 20% of the sales being distressed, so an increase in  homes sold and a decrease in distressed sales, which is quite a bit different than Chicago as a whole.


My expectation for the 2012  real estate market in Elmhurst is that there will be an increase in the sale of distressed properties along with an increase in total number of  homes sold. Already the phone is ringing with showing requests and buyers ready to get out and start looking. March is historically the month where the most  home inventory hits the market in Elmhurst.

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