Elmhurst Real Estate Guide (Q2 2023)

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LOCAL REAL ESTATE GUIDE

Q2 2023 ELMHURST

METHODOLOGY

Overview of Terms and Elmhurst Submarkets

CLOSED:closed transaction reflecting the final sales price (does not include any seller credits)

CONTRACTED:contingent or pending transaction reflecting the latest asking price

CONTRACT TIME:number of days between the first list date and the contracted date (does not include time from contract to close)

HOME INVENTORY:number of homes currently available for sale

MEDIAN:middle value of a given dataset (all report values are medians, which are less impacted by outliers than averages)

PRICE DISCOUNTS:percentage difference between the initial list and recorded sale price

PRICE PER SQ. FT:ratio of the price to the square footage of a closed transaction as a relative price measure (factors in home size)

NORTHWEST

(North Ave. to Lake St. and Rte. 83 to Hwy. 294)

CENTRAL WEST

(Prairie Path to North Ave. and Rte. 83 to York St.)

NORTHEAST

(Lake St. to Grand Ave. and Hwy. 294 to Rte. 83)

CENTRAL EAST

(Prairie Path to North Ave. and Hwy. 290 to York St.)

SOUTHEAST

(Prairie Path to Butterfield Rd. and Hwy. 290 to York St.)

SOUTHWEST

(Prairie Path to Butterfield Rd. and Rte. 83 to York St.)

2 Note: All figures represent detached single-family homes unless otherwise specified. Price range data based on the city of Elmhurst. Submarket figures based on the approximate areas identified on map above and do not include every home within city limits.

MARKET SUMMARY

Market” Continues in Late Spring / Early Summer Short Market Times List to Contract Days (Q2) Mostly less than 2 weeks across price ranges and submarkets, but days extending Limited Price Discounts Sale Price Discounts (Q2) Majority of homes across price ranges and submarkets selling at slight discount to ask Higher relative prices reaching new records, but some variability in price ranges and submarkets Record Sale Prices Sale Price / Price Per Sq. Ft. (Q2) Home Inventory (June) 52% “Seller’s market” with 15+ year low of available homesthis time of year Fewer Available Homes Lower Activity New Home Listings (Q2) Contracted Homes (Q2) 7% 35% Closed Homes (Q2) 16% 3
“Seller’s

NEW LISTINGS

By Price Range

 New listings were down 35% across price ranges in Q2

 All months in the quarter were soft ranging from 30% –40% fewer listings each

 Dramatic declines at <$400K over the last 2 years finally slowed some year-to-date

Low listing activity likely to continue as market enters summer months

Apr. –Jun. (YoY%)

Price Range'23'22%

<$400K 4244-5%

$400K - $699K 80144-44%

$700K - $999K 2162-66%

$1M+ 5962-5%

Rolling Last 12 Months (YoY%)

161 319 92 167 0 100 200 300 400 500 600 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 <$400K $400K –$699K $700K –$999K $1M+ (-31%) (-35%) (-47%) (-15%)
4

 Q2 and last 12 months showed lower listing activity across submarkets (other than Northeast for the quarter)

 Most Elmhurst areas now experiencing 10+ year lows for listing activity over the last 12 months (well below pre-pandemic)

 Central submarkets showing identical new listings for the quarterly comparison (coincidence during the periods)

4150-18%

171070% Central West 3754-31% Central East 3754-31% Southwest 2978-63% Southeast 2138-45%

Apr. –Jun. (YoY%)
5
117 48 120 154 157 76 0 100 200 300 400 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 Northwest Northeast Central West Central East Southwest Southeast (-23%) (-34%) (-21%) (-34%) (-40%) (-28%) Submarket'23'22% Northwest
By Submarket Rolling Last 12 Months (YoY%)
Northeast

CONTRACTED HOMES

By Price Range

 Contracted homes were down more than 5% in Q2, but below $400K and above $1M were both higher

 Contracts were down in April, higher in May and declined in June; activity is lowest at the $700K –$1M range with limited availability

Rolling Last 12 Months (YoY%)

Contracted homes expected to decline further with lower new listing activity Apr. –Jun. (YoY%) 108 179 69 102 0 75 150 225 300 375 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 <$400K $400K –$699K $700K –$999K $1M+ (-24%)
6
(-35%) (-37%) (-15%)
Price Range'23'22% <$400K 322433% $400K - $699K 5468-21% $700K
$999K
$1M+ 383315%
-
2232-31%

By Submarket

 Contract activity was mixed across Elmhurst submarkets in Q2

 Areas with lower activity in the Northeast and Southeast had the largest contract percentage increases (on low bases)

 Southwest contracts have been cut in half over the last couple years (now <100 for the last 12 months after being 200+ in 2021)

Rolling Last 12 Months (YoY%) Apr. –Jun. (YoY%)

Northwest Northeast Central West Central East Southwest Southeast

Submarket'23'22%

Northwest 2831-10%

Northeast 94125%

Central West 2831-10%

Central East 31303%

Southwest 2035-43%

Southeast 161145%

71 24 73 98 99 46 0 50 100 150 200 250 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
7
(-43%) (-34%) (-20%) (-31%) (-31%) (-23%)

CLOSED HOME SALES

By Price Range

 Closed homes were down over 15% overall for the quarter; however, homes priced less than $400K were nearly 20% higher

 Homes priced over $1M have declined the least and remain more than twice as much over the last 12 months versus pre-COVID

Rolling Last 12 Months (YoY%)

Closed homes
listings
contracts Apr. –Jun. (YoY%) 113 171 79 109 0 75 150 225 300 375 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 <$400K $400K –$699K $700K –$999K $1M+ (-31%) (-44%) (-35%) (-5%) 8
likely to continue declines with lower
and fewer
Price Range'23'22% <$400K
$400K
$699K
$700K
$1M+
393318%
-
5470-23%
- $999K 2542-40%
4347-9%

By Submarket

 Closed home sales activity was lower across submarkets in Q2

 Southwest saw the most significant decline for the quarter (nearly 50%) but remains the most active area over the last 12 months

 Continued declines in the Northeast are pushing closings to Great Recession lows

Rolling Last 12 Months (YoY%)

Northwest Northeast Central West Central East Southwest Southeast

3133-6%

Northeast 79-22%

Central West 3340-18%

Central East 3036-17%

Southwest 2445-47% Southeast 1516-6%

75 20 74 97 110 48 0 50 100 150 200 250 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
9
Apr. –Jun. (YoY%) (-59%) (-34%) (-29%) (-38%) (-27%) (-27%)
Submarket'23'22% Northwest

HOME INVENTORY

By Price Range

 Available homes declined over 50% and remain at 15+ year lows for this time of year

 Inventory is particularly limited for homes priced $700K –$1M (now 1/4 of what it was on a relative basis versus 2020)

Inventory unlikely to recover near-term without a meaningful increase in listings

Jun. Trends (Relative%)

Jun.

25% 21% 20% 12% 19% 36% 30% 37% 42% 38% 24% 20% 18% 16% 5% 15% 29% 25% 30% 39% 0% 25% 50% 75% 100% '19'20'21'22'23 <$400K $400K –$699K $700K –$999K $1M+
10
12 24 3 25 0 50 100 150 200 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 <$400K $400K –$699K $700K –$999K $1M+ (-57%) (-25%) (-86%) (-38%)
Quarter End (YoY%)

By Submarket

 Home inventory is extremely low across submarkets; Northeast showed a large percentage increase from a very small base

 Southwest submarket has much lower relative inventory than normal compared to the rest of Elmhurst

 Only Northwest has more than a dozen homes available across price points

Jun. Trends (Relative%)

Jun. Quarter End (YoY%)

Northwest Northeast Central West Central East Southwest Southeast

18% 12% 17% 19% 24% 6% 10% 12% 4% 10% 21% 17% 21% 17% 21% 21% 24% 17% 22% 19% 20% 23% 20% 26% 14% 14% 15% 14% 12% 12% 0% 25% 50% 75% 100% '19'20'21'22'23 Northwest Northeast Central West Central East Southwest Southeast 14 6 12 11 8 7 0 25 50 75 100 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
(+20%) (-39%) (-40%) (-75%)
(-59%)
11 (-50%)

CONTRACT TIME

By Price Range

 Contract times mostly increased in Q2; homes priced $400K –$700K were flat

 Homes went under contract around 2 weeks or less (especially under $700K) in most cases during the quarter

Expect contract times to remain short with limited available inventory

Rolling Last 12 Months (YoY%)

Apr. –Jun. (YoY%) 13 11 8 15 0 75 150 225 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 <$400K $400K –$699K $700K –$999K $1M+ (+22%) (+8%)
12
(+33%) (+36%)
Price Range'23'22% <$400K 7617% $400K - $699K 770% $700K - $999K 113267% $1M+ 131030%

By Submarket

 Contract time in Q2 was still relatively quick, but mixed (Central areas increased to longer than 2 weeks)

 Submarkets experienced large percentage changes due to low day counts (i.e., a day or two change was a big relative move)

 Homes on the market much beyond a couple weeks are likely overpriced or have other factors impacting time / interest

Apr. –Jun. (YoY%)

Submarket'23'22%

Northwest 6520%

Northeast 5367%

Central West 151050%

Central East 164300%

Southwest 78-13%

Southeast 513-62%

Rolling Last 12 Months (YoY%)

7 24 15 17 10 6 0 25 50 75 100 125 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 Northwest Northeast Central West Central East Southwest Southeast (+100%) (-22%) (+36%) (+11%)
(+143%)
13
(-60%)

PRICE DISCOUNTS

By Price Range

 Sales mostly closed at 97% –99% of original list price for Q2 as sellers often accepted a small discount; homes priced less than $400K had more negotiability

 Multiple offers are more situation-specific than the expectation; homes receiving many offers were likely underpriced Price discounts have returned in most cases, but remain relatively tight

Apr. –Jun. (YoY%)

Price Range'23'22%

<$400K 97%99%-1%

$400K - $699K 98%100%-2%

$700K - $999K 100%100%0%

$1M+ 99%100%-1%

Rolling Last 12 Months (YoY%)

96% 98% 99% 99% 85% 90% 95% 100% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 <$400K $400K –$699K $700K –$999K $1M+ (-1%) (-2%) (0%) (0%)
14

By Submarket

 Price discounts have been similar across submarkets (especially over the last 12 months), but there is always some variability

 North submarkets saw homes close at full asking price for the quarter, which was higher than other areas

 Buyers and sellers often met at a small discount to asking price during Q2

Apr. –Jun. (YoY%)

Submarket'23'22%

Northwest 100%100%0%

Northeast 100%102%-2%

Central West 97%100%-2%

Central East 99%100%-1%

Southwest 99%100%-1%

Southeast 98%100%-2%

Rolling Last 12 Months (YoY%)

98% 97% 97% 98% 98% 98% 85% 90% 95% 100% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 Northwest Northeast Central West Central East Southwest Southeast (-1%) (0%) (-1%) (0%) (0%)
15
(0%)

PRICE PER SQ. FT.

By Price Range

 Price per sq. ft. trend was higher across price ranges in Q2, except from $400K –$700K

 All price ranges remain at record levels over the last 12 months other than $400K –$700K (which is slightly below Q1)

Pricing continues to hold / increase based on very low home inventory and buyer demand

Rolling Last 12 Months (YoY%)

$256 $275 $291 $350 $150 $200 $250 $300 $350 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 <$400K $400K –$699K $700K –$999K $1M+ (+5%) (+3%) (+9%) (+9%) 16
Apr. –Jun. (YoY%) Price Range'23'22% <$400K $285$2629% $400K - $699K $276$285-3% $700K - $999K $299$2797% $1M+ $355$3550%

By Submarket

 Mixed submarket prices for Q2 with most areas increasing; Northeast and Central West were the largest movers

 Central areas have now both advanced above $300 per sq. ft. over the last 12 months with Southern areas getting closer

 North Elmhurst submarkets are on the lower end of relative prices, but have grown significantly in the last 2 years

Apr. –Jun. (YoY%)

Submarket'23'22%

Northwest $282$2801%

Northeast $290$24120%

Central West $329$29013%

Central East $313$3091%

Southwest $298$305-2%

Southeast $296$2863%

Rolling Last 12 Months (YoY%)

$259 $243 $319 $308 $296 $293 $100 $125 $150 $175 $200 $225 $250 $275 $300 $325 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 Northwest Northeast Central West Central East Southwest Southeast (+4%) (+4%) (+12%) (+6%) (+9%)
17
(+9%)

CLOSED SALE PRICES

 Sale prices are mixed across submarkets with half increasing and the other half decreasing (these prices are impacted by mix)

 Central West moved dramatically higher to $1M+ for the quarter and had the most closings to support this price strength While overall sale prices actually declined, home mix meaningfully influences values

Apr. –Jun. (YoY%)

Submarket'23'22%

Northwest $485K$745K-35%

Northeast $376K$430K-13%

Central West $1.2M$820K43%

Central East $725K$570K27%

Southwest $707K$535K32%

Southeast $530K$812K-35%

Rolling Last 12 Months (YoY%)

$460 $363 $855 $650 $636 $592 $100 $250 $400 $550 $700 $850 $1,000 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 Northwest Northeast Central West Central East Southwest Southeast K (+2%) K (-4%) K (+18%) K (+7%)
K (+4%)
K K K K K K 18
K
K
(+28%)

NEW CONSTRUCTION

 Over 1,260 new home permits since 2010; Elmhurst is the most active new construction market in the western suburbs

 New home permits are recovering and now nearly flat whereas demo permits are down almost 30% over the last 12 months Activity constrained by lot scarcity; buyer demand (especially from the city) is strong

–Jun. (YTD)

New Home Permits Issued Demo Permits Issued

Rolling Last 12 Months (YoY%) (-28%)

New Home Permits Issued

Permits Issued

Permit Activity 76 67 0 40 80 120 160 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
39 20 52 36 34 37 23 51 41 36 0 15 30 45 60 '19'20'21'22'23
Demo
Jan.
(-3%)
19
Analyzing Elmhurst Home Types for Q2 2023 New Listings202717 Contracted Homes146612 Home Inventory6437 Contract Time9 days10 days14 days Price Discounts99%99%96% Price per Sq. Ft. $298$216$199 Closed Sale Price$545K$451K$175K Home TypeSingle FamilyTown HousesCondos 20 Closed Homes16185 13% 3% 1% 50% 52% 16% 7% 35% 21% 4% 1% 100% 50% 56% 63% 70% 2% 4% 1% 56% 30% 76% 40% 49%
COMPARING HOME TYPES

COMPARING SUBURBS

Analyzing Western Suburb

SuburbMedian PriceQ2 YoY%Price / Sq. Ft.Q2 YoY%Contract DaysQ2 YoY% Clarendon Hills$959K29%$282-7%860% Downers Grove$503K9%$2493%620% Elmhurst$545K-13%$2983%950% Glen Ellyn$510K-11%$2610%525% Hinsdale$1.2M2%$3170%1043% La Grange$650K4%$2872%525% Lombard$360K-2%$2303%4-20% Oak Brook$1.1M13%$232-13%32129% Western Springs$663K-12%$295-12%40% Wheaton$486K-4%$2423%4-20%
21
Markets
Compass is a licensed real estate broker and abides by federa l, state and local equal housing opportunity laws. All materialpr esented herein is intended for informational purposes only, is compiled from sources deemed reliable but is subject to errors, omissions, and changes with out notice. Sources include Midwest Real Estate Data LLC and th e Elmhurst Community Development department. This is not intended to solicit propert yalready listed. Elmhurst Office 103 Haven Road Elmhurst, IL 60126 www.kellystetlerrealestate.com Kelly Stetler 630.750.9551 kelly.stetler@compass.com Teresa Parry 810.569.0078 teresa.parry@compass.com Christina Corso 815.922.0459 christinacorso@compass.com

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