Elmhurst Real Estate Guide (Q2 2021) by Kelly Stetler Real Estate

Q2 2021

ELMHURST

LOCAL REAL ESTATE GUIDE

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OPENING NOTE

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After more than a year of pandemic restrictions, life is finally beginning to feel normal again. From shopping to eating out and traveling, we are ready for the people, places and experiences we have missed. In a typical year summer activities moderate the real estate market, and we are seeing some of that now; however, Elmhurst remains active with buyers chasing low home inventory. In addition to our market perspectives, we have exciting updates. Our team is growing with Elmhurst resident Jill Jarvis joining as an agent; she is fantastic! For the first time, you can see and hear from some of our contributors by scanning embedded QR codes with your mobile device. We hope this feature provides further insight into the content. For the cover we chose Elmhurst Memorial Hospital, which was recently ranked #1 in the U.S. within the Large Community Hospitals category by Fortune / IBM Watson Health. We are so fortunate to have amazing healthcare facilities and professionals in our community. All my best,

630.750.9551 kelly.stetler@compass.com www.kellystetlerrealestate.com 2

WHAT’S INSIDE 8

FEATURES

New Listings

Team Addition

Contracted & Closed

New Construction

Home Inventory

Contract Time

Price Discounts

Price Per Sq. Ft.

Closed Sale Prices

Welcoming Jill Jarvis to Our Team (Kelly Stetler, Compass Real Estate)

Loan Options

Understanding Available Loan Types (John Noldan, Guaranteed Rate)

Bathroom Updates

Refreshing Your Bathroom on a Budget (Michelle Polay, Polay Interiors)

Framing Trends

Enhancing Every Room with a Frame (Jen & Pat Wagner, K&T Colors)

Tax Appeals

Reviewing Your Property Taxes (Themis Katris, The Katris Law Group)

EVERY ISSUE 3

METHODOLOGY Overview of Terms and Elmhurst Submarkets NORTH CLOSED: closed transaction reflecting the final sales price (does not include any seller credits)

(North of North Ave.)

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)

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

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

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)

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

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

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.

MARKET SUMMARY “Seller’s Market” Remains While Conditions Begins to Normalize Balancing Supply and Demand

New Home Listings (Q2)

33%

Recovering New Construction

New Home Permits (YTD)

160%

New build permits increasing significantly relative to slow 2020

Fewer Available Homes

Jun. Month End Inventory (YoY)

36%

“Seller’s market” with 14+ year low of available homes this time of year

Short Market Times

Original List to Contract Days (Q2)

Narrow Price Discounts

Closed Sale Price Discounts (Q2)

Tight discounts of less than 2%; houses selling at or near full price

Mixed Sale Prices

Sale Price / Price Per Sq. Ft. (Q2)

Higher prices across price points, but submarkets are mixed

Contracted / Closed Homes (Q2)

33%

Less than 2 weeks generally across submarkets and price points

NEW LISTINGS By Price Range

Rolling Last 12 Months (YoY%)

 New listings were mostly higher for the quarter (except $700K – $1M)  April and May listings were up significantly YoY given last year’s pandemic impact, but June was down slightly  Despite some pick up in activity, new listings remain below pre-pandemic levels

<$400K

$400K – $699K

$700K – $999K

$1M+

600 500

496 (+11%)

400

Apr. – Jun. (YoY%)

362 (-1%) 300

'21

'20

<$400K

103

26%

$400K - $699K

191

115

66%

$700K - $999K

-14%

$1M+

36%

211 (-11%)

200

178 (+8%) 100 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Q2 showed higher new listing activity across submarkets  North Elmhurst is up significantly over the last 12 months with a large Q2 increase  After a strong April and May, new listings declined in June driven by the Western submarkets (each down 30%+)

North

Central West

Southwest

Southeast

Central East

400 334 (+36%) 300

285 (0%)

Apr. – Jun. (YoY%)

214 (0%)

200

169 (-18%)

'21

'20

North

110

62%

Central West

15%

Central East

20%

Southwest

11%

Southeast

26%

138 (-25%) 100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Submarket

Contributed By:

TEAM ADDITION We are Excited to Welcome Jill Jarvis to Our Team at Compass Jill Jarvis recently joined our team and she couldn’t be more excited to represent buyers and sellers in Elmhurst. While her roots are in New England, Jill has lived in Chicagoland for 12+ years, residing in Elmhurst with her husband, two young daughters and their Olde English Bulldogge. Through her significant experience in downsizing, upsizing, renting, relocating and renovating, Jill has become a trusted resource to her friends, family and neighbors. She has a keen eye for design, easily finds creative ways to utilize space and can recommend finishing touches that attract buyers and sell homes quickly. Her strong work ethic, honesty and relatable personality have helped her to build solid, long-lasting relationships, both personally and professionally. Jill is passionate about establishing Elmhurst as a beautiful, healthy and thriving community. She has spent countless hours over the years advocating for eco-friendly green space, earning herself the “Healthy Communities Award” supported by Patagonia and Stonyfield Organic. She is a long-standing member of the Elmhurst Cool Cities Coalition and works alongside Midwest Grows Green and SCARCE, supporting improved sustainability throughout our communities. Most recently, Jill became a member of the Green Home Institute, a non-profit that educates the public on sustainable choices in home construction and renovation. She is a dependable, trusted and dedicated member of her community and her knowledge of Elmhurst is extensive. Jill’s clients can count on her to work tirelessly to achieve their real estate goals. 8

Contributed By:

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LOAN OPTIONS John Noldan

Understanding Available Loan Types

Conventional

FHA

 

  

Down payment options start at 3.5% Allows non-occupying co-borrower Down payment and closing costs may be gifted*



For qualifying purchase borrowers who want 100% financing options No private mortgage insurance (PMI) Loan options up to $1.5M

 

USDA

No mortgage insurance options for borrowers with options less than 20% down Finance 2–4-unit property with 5% down options



100% financing options available No PMI, plus low monthly guaranteed annual fee Only applies to designated rural properties

Jumbo

Renovation

 

Non-bank jumbo lender For borrowers in the market for a home loan above $548,250**



FHA 203(k) and Fannie Mae HomeStyle options Down payment options as low as 3% Purchase or no-cash-out refinance

  

New Construction

  

FHA, VA Conforming and Jumbo Extended Lock up to 12 months 2-1 temporary rate buydown available Financing options to include postclosing upgrades Escrow holdback waiver program

Current as of 1/6/21. *Gift funds may be allowed for down payment and closing costs for borrowers who meet FICO score minimums. Restrictions apply. **Conforming loan limits are even higher in counties that are considered high-cost areas. To view the FHFA’s new baseline for your location, visit fhfa.gov. Guaranteed Rate is not affiliated with the Federal Housing Finance Agency. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. Guaranteed Rate, Inc is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.

CONTRACTED & CLOSED By Price Range

Rolling Last 12 Months (YoY%)

 Contracted & closed homes were up 33% across price ranges; particularly strong increases at $400K – $700K and $1M+  Contract activity was up 150%+ in April YoY due to the onset of the pandemic last year; May and June contracts were flat

600

 Contracted & closed homes matched new listing activity with the market balancing

500

<$400K

$400K – $699K

$700K – $999K

$1M+ 574 (+41%) 509 (+16%)

400

Apr. – Jun. (YoY%)

300

'21

'20

<$400K

119

110

$400K - $699K

207

138

50%

$700K - $999K

19%

$1M+

74%

200

188 (+92%)

100 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Price Range

289 (+33%)

By Submarket

Rolling Last 12 Months (YoY%)

 Contracted & closed activity was higher across submarkets  Dramatic increases in North and Southwest Elmhurst during last 12 months; North Elmhurst also the highest in Q2 YoY

North

Central West

Southwest

Southeast

Central East

400

 Central West submarket has been relatively flat for the last 5+ years

399 (+53%) 373 (+35%)

300 272 (+42%)

Apr. – Jun. (YoY%) 205 (+11%) 178 (+34%)

200

'21

'20

North

116

51%

Central West

10%

Central East

30%

Southwest

114

18%

Southeast

20%

100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Submarket

COMPASS LISTINGS

Under Contract

696 Swain Ave.

Under Contract

227 S. Sunnyside Ave.

559 Hillside Ave.

Selected Elmhurst Listings

~3,500

$1.2M

3,300+

LIST PRICE

SQ. FT.

LIST PRICE

SQ. FT.

LIST PRICE

SQ. FT.

5 / 6.1

5 / 4.1

BEDS / BATHS

CAR GARAGE

BEDS / BATHS

CAR GARAGE

BEDS / BATHS

CAR GARAGE

Under Contract

214 N. Addison Ave.

$1.249M

139 Fairlane Ave.

~4,800

122 E. Oneida Ave.

$1.565M

$1.075K

~4,500

$739.9K

2,800+

$540K

~2,100

LIST PRICE

SQ. FT.

LIST PRICE

SQ. FT.

LIST PRICE

SQ. FT.

5/5

4 / 2.1

3 / 3.1

BEDS / BATHS

CAR GARAGE

BEDS / BATHS

CAR GARAGE

BEDS / BATHS

CAR SPACES

HIGHLIGHTED SALE Closed in Q2 2021 – Central West Elmhurst

Sold By: $995,000 SALE PRICE

97% SALE / LIST PRICE

$261 PRICE PER SQ. FT.

5/5 BEDS / BATHS

3,818 SQ. FT.

Gorgeous custom home with tons of living space and incredible features inside and out just blocks from City Centre 13

HIGHLIGHTED SALE Closed in Q2 2021 – Central West Elmhurst

Sold By: $767,500 SALE PRICE

100%+ SALE / LIST PRICE

$268 PRICE PER SQ. FT.

4 / 3.1 BEDS / BATHS

2,866 SQ. FT.

Better than new home with open floor plan, lots of natural light and modern updates feeding highly desirable Hawthorne Elementary 14

NEW CONSTRUCTION Permit Activity

Rolling Last 12 Months (YoY%)

 Over 1,100 new home permits since 2010  New construction activity has come roaring back in the first half of 2021  Highest new home and demo permit activity YTD in the last few years

New Home Permits Issued

Demo Permits Issued

160

 Strong recovery in new builds expected to continue with some relief in lumber prices

Last 6 Months (YoY%) 52 53 39 37 20 23

'20 ‘21

'20

'19

'18

'17

'16

'15

'14

New Home Permits Issued Demo Permits Issued

'21

'13

'20

'12

'19

'11

'18

'10

'09

25 0

106 (+41%) 97 (+37%) 80

75 50

120

Contributed By:

BATHROOM UPDATES Refreshing Your Bathroom on a Budget Bathroom renovations do not need to be major to provide a return on investment. Possible upgrades could include:

Countertops and Backsplashes Choices are nearly endless for countertops with quartz, porcelain, natural stone and engineered slabs that look natural without the maintenance. Consider a variety of backsplash options, including mosaic, glass or subway tiles

Hardware Plumbing fixtures, cabinets and door hardware should be cohesive, but do not need to match in the traditional sense. Many styles are available to fit a wide range of tastes

Lighting Finding ways to fill the room with light can be easily done by updating light fixtures and replacing dim bulbs. Another option is to add light behind mirrors

Accessories Add new towels, a decorative tray or baskets that hold soaps and lotions, or greenery. Each of these will enhance your space 16

Contributed By:

FRAMING TRENDS Enhance Every Room with the Right Frame

Explore the potential of organic materials with natural wood moulding

Shadow box frames are a great way to display three dimensional items

Acrylic floater frames create a strong visual impact due to how the image appears to float

Make your home unique from the mudroom to the dining room with picture framing! 17

HOME INVENTORY By Price Range

Jun. Quarter End (YoY%)

 Available homes are stabilizing albeit at much lower overall levels  Inventory is particularly limited for homes priced from $700K – $1M  Home inventory remains at 14+ year lows

<$400K

$400K – $699K

$700K – $999K

$1M+

200

 Scarce inventory expected to continue driving “seller’s market” conditions 150

Jun. Trends (Relative%)

'21

'20

'19

'20 '21 $400K – $699K $1M+

'18

'18 '19 <$400K $700K – $999K

'17

21%

'16

21%

33 (-45%) 29 (-36%) 21 (-50%) '15

25%

52 (-17%)

'14

39%

'13

30%

'12

23%

36%

'11

25%

35%

20%

24% 16%

29%

'10

50%

26%

15% 24%

16%

'09

75%

100

'08

100%

By Submarket

Jun. Quarter End (YoY%)

 Home inventory is meaningfully lower with all submarkets down  Eastern and Southern submarkets have showed the steepest declines  Relative home inventory in the North has moved higher with larger declines in other areas

North

Central West

Southwest

Southeast

Central East

125

100

Jun. Trends (Relative%)

'20

'19

'18

'17

'21 Central East

'16

North Southwest

'19 '20 Central West Southeast

30%

'15

'18

'14

23%

37 (-14%) 26 (-24%) 24 (-48%) 21 (-56%) 15 (-48%) '13

24%

'12

24% 17% 22%

12% 20% 17% 21%

'11

25%

22%

15% 23%

'10

50%

14% 20% 21% 21%

'09

75%

14% 17% 24%

'08

100%

CONTRACT TIME By Price Range

Rolling Last 12 Months (YoY%)

 Days between listing date and contract signing have been low (mostly less than a month) for several years  Homes went under contract extremely fast in Q2 across all price points  Expect contract times to remain short, but move higher from very low current levels

<$400K

$400K – $699K

$700K – $999K

$1M+

225

150

Price Range

'21

'20

<$400K

-48%

$400K - $699K

-50%

$700K - $999K

-69%

$1M+

-88%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Apr. – Jun. (YoY%)

29 (-6%) 14 (-50%) 12 (-61%) 11 (-54%)

By Submarket

Rolling Last 12 Months (YoY%)

 Contract time was 2 weeks or less across submarkets, representing large YoY declines  Buyers reviewing new listings immediately given fast contract times  Homes on the market for 3 weeks or longer could be overpriced or have other factors impacting time / interest

North

Central West

Southwest

Southeast

Central East

100

Apr. – Jun. (YoY%) 50

'21

'20

North

-73%

Central West

-76%

Central East

-21%

Southwest

-50%

Southeast

-60%

15 (-44%) 15 (-44%) 13 (-48%) 12 (-59%) 7 (-70%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Submarket

PRICE DISCOUNTS By Price Range

Rolling Last 12 Months (YoY%)

 Sales closed at 98% – 99% of original list price for Q2 based on continued strong buyer competition  All home price ranges saw very low discounts to asking price for the quarter  Price discounts remain very narrow with some eventual widening expected

<$400K

$400K – $699K

$700K – $999K

$1M+

100% 98% (+1%) 98% (+2%) 97% (+2%) 96% (-1%)

95%

Price Range

'21

'20

<$400K

98%

95%

$400K - $699K

99%

97%

$700K - $999K

99%

97%

$1M+

98%

97%

90%

85%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Apr. – Jun. (YoY%)

By Submarket

Rolling Last 12 Months (YoY%)

 Price discounts have been mostly consistent across submarkets  Limited differences reflect appeal of Elmhurst overall as well as each submarket  Discounts tightened across submarkets

North

Central West

Southwest

Southeast

Central East

100%

 Buyers and sellers mostly meeting at 1% – 2% or less discount to original price

98% (+2%) 98% (+2%) 97% (+1%) 97% (+1%) 96% (0%)

95%

Submarket

'21

'20

North

99%

96%

Central West

99%

96%

Central East

98%

Southwest

99%

97%

Southeast

96%

95%

90%

85%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Apr. – Jun. (YoY%)

PRICE PER SQ. FT. By Price Range

Rolling Last 12 Months (YoY%)

 Price per sq. ft. trend was higher across price ranges for the quarter (except $1M+ which was down 10%+)  Homes priced $700K – $1M saw the largest increases in pricing with strong competition  Homes above $1M fell below $300 per sq. ft.  Pricing continues to be strong based on low home inventory and cost inflation

<$400K

$400K – $699K

$700K – $999K

$1M+

$350

$300

$297 (-5%)

$250

$249 (+4%) $243 (+2%) $229 (+2%)

Apr. – Jun. (YoY%) '21

'20

<$400K

$230

$228

$400K - $699K

$249

$247

$700K - $999K

$252

$238

$1M+

$284

$320

-11%

$200

$150

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Submarkets saw mixed prices for the quarter with more declines than increases  Central West and Southeast experienced meaningful price per sq. ft. increases  North Elmhurst remains on the lower end of price per sq. ft. and has been relatively stable the past couple years

North

Central West

Southwest

Southeast

Central East

$300 $264 (+11%) $259 (-2%) $258 (0%) $257 (+11%)

$250

Apr. – Jun. (YoY%)

$218 (-1%)

'21

'20

North

$224

$232

-3%

Central West

$269

$226

19%

Central East

$257

$276

-7%

Southwest

$244

$259

-6%

Southeast

$271

$217

25%

$200

$150

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Submarket

CLOSED SALE PRICES By Submarket  Sale prices were mostly higher in Q1 and during the last 12 months

Rolling Last 12 Months (YoY%)

 Southwest saw lower prices due to smaller houses and decreasing per sq. ft. value

North

Central West

Southwest

Southeast

Central East

 Central East saw much higher prices despite lower price per sq. ft. due to larger homes

$700K

 Limited homes available and new / updated homes expected to push prices higher

$600K

$630 K (+21%) $610 K (+18%)

$500K

$510 K (+1%) $510 K (+4%)

$400K

$415 K (+18%)

Submarket

'21

'20

North

$416K

$376K

11%

Central West

$657K

$590K

11%

Central East

$698K

$516K

35%

Southwest

$495K

$593K

-16%

Southeast

$610K

$534K

14%

$300K $200K $100K

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Apr. – Jun. (YoY%)

Learn More

TAX APPEALS

Contributed By:

Reviewing Your Real Estate Taxes Annually and Appealing  Annual opportunity to appeal assessments o Watch for publication later this summer / fall  Period during which an appeal may be filed ends 30 days after the township assessment publication o York Township (South of North Ave.); final complaint filing was Sept. 21 for 2020 o Addison Township (North of North Ave.); final complaint filing was Nov. 23 for 2020  Decision may be further appealed to the Board of Review and Illinois Property Tax Appeal Board, or to the Appellate / Circuit Court

Important Websites York Township https://www.yorktwsp.com Addison Township https://www.addisontownship.com Residential Assessed Value Appeal Form https://www.dupageco.org/SOA/1475/

Key Items to Consider  Best evidence of value is a recent appraisal, sale of the property or sales of similar properties  Assessed values are required to be based upon the three prior years of actual sales transactions  Understand that “fair market value” is not the highest or lowest price, but the most probable selling price  When comparing properties in your area, use only similar properties (i.e. same size, same style, etc.) 27

SEEN AROUND ELMHURST Our Community Involvement in Q2 2021

JOIN US FOR SOME FUN Upcoming Elmhurst Sponsored Events in Q3 2021

Friday, August 13 (9:00am to 11:00am) East End Park

Labor Day Weekend Sunday, September 5 12:00pm to 8:00pm Parking Lot at York / Vallette Saturday, August 21 (5:00pm to 9:00pm) Berens Park

“Boss Hog” Sponsor

Platinum Level Sponsor 29

COMPARING THE SUBURBS Analyzing Western Suburb Markets

Suburb

Median Price

Q2 YoY%

Price / Sq. Ft.

Q2 YoY% Contract Time Q2 YoY%

Clarendon Hills

$815K

53%

$247

14%

-75%

Downers Grove

$462K

18%

$218

-65%

Elmhurst

$552K

10%

$246

-59%

Glen Ellyn

$503K

20%

$247

24%

-73%

Hinsdale

$1,098K

22%

$272

14%

-66%

La Grange

$590K

12%

$259

16%

-74%

Lombard

$333K

13%

$193

-55%

Oak Brook

$775K

11%

$226

-10%

Western Springs

$725K

23%

$279

11%

-76%

Wheaton

$440K

17%

$215

-71%

OUR CONTRIBUTORS Special Thanks to Our Contributors

John Noldan EVP, Mortgage Lending

Themis Katris Managing Partner

630.290.6251 jnoldan@rate.com @johnnoldan_guaranteedrate

708.351.1199 tk@katrislaw.com @themi_the_closer

NMLS License #2611; NMLS #193680

Jen & Pat Wagner Owners

Michelle Polay Owner & Lead Designer

630.834.6040 kandtcolors@gmail.com

630.833.2331 michelle@polayinteriors.com @polayinteriors 31

www.compass.com

Compass is a licensed real estate broker and abides by federal, state and local equal housing opportunity laws. All material presented herein is intended for informational purposes only, is compiled from sources deemed reliable but is subject to errors, omissions, and changes without notice. Sources include Midwest Real Estate Data LLC and the Elmhurst Community Development department. This is not intended to solicit property already listed.

Elmhurst Office 103 Haven Road Elmhurst, IL 60126 630.750.9551 kelly.stetler@compass.com www.kellystetlerrealestate.com