Elmhurst Real Estate Guide (Q3 2023) by Kelly Stetler Real Estate

Q3 2023

ELMHURST

LOCAL REAL ESTATE GUIDE

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

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

CENTRAL WEST

CENTRAL EAST

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

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

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)

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

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 and do not include every home within city limits.

MARKET SUMMARY “Seller’s Market” Continues into the Fall with Very Low Home Inventory

Closed Homes (Q3)

Mixed Activity

New Home Listings (Q3)

18%

Contracted Homes (Q3)

Fewer Available Homes

Home Inventory (September)

49%

“Seller’s market” with 15+ year low of available homes this time of year

Short Market Times

List to Contract Days (Q3)

Mostly less than 2 weeks across price ranges and submarkets; days shortening for the quarter

Limited Price Discounts

Sale Price Discounts (Q3)

Majority of homes across price ranges and submarkets selling at or near asking price

Higher Sale Prices

Sale Price / Price Per Sq. Ft. (Q3)

Relative prices slightly below summer highs; some variability in price ranges and submarkets

NEW LISTINGS By Price Range

Rolling Last 12 Months (YoY%)

 New listings declined nearly 20% in Q3; split market with homes below $700K down meaningfully and above $700K increasing  Each month was down by at least 15% with September the weakest (down 25%+)  Low listing activity likely to continue as market enters slower seasonal period

<$400K

$400K – $699K

$700K – $999K

$1M+

600 500 400

Price Range

'23

'22

<$400K

-30%

$400K - $699K

116

-30%

$700K - $999K

$1M+

19%

300

286 (-29%)

200

176(-11%) 146 (-21%)

100

97 (-37%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Jul. – Sept. (YoY%)

By Submarket

Rolling Last 12 Months (YoY%)

 New listing activity was mostly lower across submarkets in Q3 (other than the flattening North)  Most Elmhurst areas now experiencing 10+ year lows (well below pre-pandemic); Southwest experiencing historical lows

Northwest

Northeast

Central West

Central East

Southwest

Southeast

400

 Northeast Elmhurst is the only area with more listings over the last 12 months 300

Jul. – Sept. (YoY%) 200 '23

'22

Northwest

Northeast

Central West

-32%

Central East

-6%

Southwest

-49%

Southeast

-21%

100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

151 (-15%) 132 (-43%) 118 (-23%) 112 (-26%) 71 (-32%) 48 (+17%)

CONTRACTED HOMES By Price Range

Rolling Last 12 Months (YoY%)

 Contracted homes reversed course and were up almost 10% in Q3; all price ranges were higher other than $700K – $1M  Most of the increase was experienced in July (up 30%+) with August flat and September lower (down 10%+)

375

 Contracted homes expected to decline with lower listing activity and limited inventory

300

Jul. – Sept. (YoY%)

225

<$400K

$400K – $699K

$700K – $999K

$1M+

187 (-17%) '23

'22

<$400K

$400K - $699K

14%

$700K - $999K

-19%

$1M+

17%

150 111 (-17%) 105 (-12%) 68 (-31%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Contract activity was mostly up across Elmhurst submarkets in Q3, but remained lower everywhere over the last 12 months

200

Jul. – Sept. (YoY%)

150

'23

'22

Northwest

122%

Northeast

40%

Central West

29%

Central East

Southwest

-34%

Southeast

-15%

Central West

Central East

Southwest

Southeast

250

 Northeast and South areas contract activity has been more than cut in half from postpandemic highs

Submarket

Northeast

98 (-9%) 92 (-35%) 82 (-10%) 78 (-13%)

100

44 (-32%) 27 (-7%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

 South submarkets showed declines for the quarter (also down the largest percentage in the past year) with other areas moving up

Northwest

CLOSED HOME SALES By Price Range

Rolling Last 12 Months (YoY%)

 Closed homes were down nearly 5% overall for the quarter; split market with homes under $700K increasing and over decreasing  Closings were mostly flat in July and August before a 20%+ decline in September that brought down the quarter

375

 Closed homes likely to continue declines with lower listings and fewer expected contracts

300

Jul. – Sept. (YoY%)

<$400K

$400K – $699K

$700K – $999K

$1M+

225 179 (-19%)

'23

'22

<$400K

16%

$400K - $699K

16%

$700K - $999K

-28%

$1M+

-32%

150

118 (-31%) 97(-22%) 73 (-29%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Closed home sales activity was mixed across submarkets in Q3; North areas and Central East increased in the quarter  Consistent with lower listings and contracts, South areas experienced the largest declines for the quarter and last 12 months

250

 Most active areas for Elmhurst closings remain the Central East and Southwest

200

Jul. – Sept. (YoY%)

Northwest

Northeast

Central West

Central East

Southwest

Southeast

150

'23

'22

Northwest

32%

Northeast

100%

Central West

-14%

Central East

Southwest

-38%

Southeast

-31%

98 (-18%) 94 (-38%) 81 (-18%) 72 (-22%) 43 (-37%) 26 (-32%)

100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

HOME INVENTORY By Price Range

Sept. Quarter End (YoY%)

 Available homes declined nearly 50% and remain at 15+ year lows for this time of year  Inventory is particularly limited for homes priced $700K – $1M and under $400K; twice the relative inventory at $1M+ versus 2019  Inventory unlikely to recover near-term without a meaningful increase in listings

<$400K

$400K – $699K

$700K – $999K

$1M+

200

150

Sept. Trends (Relative%) 100

75%

18% 22%

21% 18%

23% 10%

29% 9%

36%

50%

33%

34%

42%

44%

33%

27%

28%

25%

18%

17%

'19 '20 <$400K $700K – $999K

'21

25% 0%

14%

'22 '23 $400K – $699K $1M+

23 (-36%) 21 (-62%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100%

11 (-52%) 9 (-18%)

By Submarket

Sept. Quarter End (YoY%)

 Home inventory is very low across submarkets; all areas experienced further declines from this time last year  Southeast and Central East have both increased their relative inventory (despite both being lower overall)

Northwest

Northeast

Central West

Central East

Southwest

Southeast

 Only Central East has more than 10 homes available across price points 60

Sept. Trends (Relative%)

75% 50% 25% 0%

40 17% 23% 22% 18% 5% 16%

'19 Northwest Central East

12% 20% 24% 18% 11% 15%

14% 27%

8% 25%

13% 15%

15% 15% 10% 18%

20% 17% 8% 22%

31%

'20 '21 Northeast Southwest

16% 7% 18%

'22 '23 Central West Southeast

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100%

17 (-26%) 10 (-60%) 9 (-53%) 8 (-71%) 7 (-22%) 4 (-56%) 11

CONTRACT TIME By Price Range

Rolling Last 12 Months (YoY%)

 Contract times declined during Q3; most price ranges were a week or less  Despite a reversal to fewer contract days during the quarter, contract times remain higher over the last 12 months  Expect contract times to remain short with limited available inventory

<$400K

$400K – $699K

$700K – $999K

$1M+

225

150

Price Range

'23

'22

<$400K

-8%

$400K - $699K

-30%

$700K - $999K

-40%

$1M+

-60%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Jul. – Sept. (YoY%)

14 (+27%) 13 (+8%) 10 (+11%) 8 (+60%) 12

By Submarket

Rolling Last 12 Months (YoY%)

 Contract time in Q3 was still relatively quick, but mixed (Northwest more than doubled and Central West flat)

100

Jul. – Sept. (YoY%)

'23

'22

Northwest

120%

Northeast

-20%

Central West

Central East

-55%

Southwest

-70%

Southeast

-20%

Central West

Central East

Southwest

Southeast

125

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

Submarket

Northeast

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

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

Northwest

20 (+43%) 15 (+25%) 13 (+117%) 10 (+67%) 8 (-20%) 6 (-60%) 13

PRICE DISCOUNTS By Price Range

Rolling Last 12 Months (YoY%)

 Sales mostly closed at 99% – 100% of original list price for Q3; there was limited negotiability in most situations  Multiple offers are more situation-specific than the expectation; homes receiving many offers were likely underpriced

<$400K

$400K – $699K

$700K – $999K

$1M+

100%

99% (-1%) 99% (-1%)

 Price discounts exist in some cases, but remain relatively tight (if any)

98% (-1%) 97% (-1%) 95%

Price Range

'23

'22

<$400K

100%

97%

$400K - $699K

99%

98%

$700K - $999K

100%

$1M+

100%

90%

85%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Jul. – Sept. (YoY%)

By Submarket

Rolling Last 12 Months (YoY%)

 Price discounts have been similar across submarkets (especially over the last 12 months), but there is always some variability  South submarkets experienced mostly full asking prices for homes in Q3  Buyers and sellers typically met at a small or no discount during the quarter

Northwest

Northeast

Central West

Central East

Southwest

Southeast 99% (+1%) 99% (+1%) 98% (-2%) 98% (-1%) 98% (+1%) 97% (-1%)

100%

95%

Submarket

'23

'22

Northwest

99%

100%

-1%

Northeast

98%

96%

Central West

99%

98%

Central East

99%

100%

-1%

Southwest

100%

98%

Southeast

100%

99%

90%

85%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Jul. – Sept. (YoY%)

PRICE PER SQ. FT. By Price Range

Rolling Last 12 Months (YoY%)

 Price per sq. ft. trend was higher across price ranges in Q3, except $1M+  Homes priced under $400K and $700K – $1M remain at record levels over the last 12 months  Pricing continues to hold / increase based on very low home inventory and buyer demand

<$400K

$400K – $699K

$700K – $999K

$1M+

$350

$345 (+5%)

$300

$292 (+5%) $276 (+3%) $264 (+4%)

Jul. – Sept. (YoY%) $250 '23

'22

<$400K

$272

$255

$400K - $699K

$282

$262

$700K - $999K

$328

$300

$1M+

$346

$358

-3%

$200

$150

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Mostly higher relative prices across submarkets for Q3; only Central West showing a small decline (remains the highest over the last 12 months)  Central areas have advanced above $300 per sq. ft. over the last 12 months with South areas getting closer  Northeast saw a significant increase for the quarter and last 12 months

Northwest

Northeast

Central West

Central East

Southwest

Southeast $314 (+8%) $311 (+3%) $298 (+3%) $296 (+5%) $279 (+20%) $267 (+3%)

$325 $300 $275 $250

Jul. – Sept. (YoY%)

$225 $200

Submarket

'23

'22

Northwest

$283

$278

Northeast

$279

$212

32%

Central West

$293

$304

-4%

$125

Central East

$337

$333

$100

Southwest

$346

$295

17%

Southeast

$307

$293

$175

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

$150

CLOSED SALE PRICES By Submarket  Sale prices are mixed across submarkets with two increasing and four decreasing (these prices are impacted by mix)

Rolling Last 12 Months (YoY%) Northwest

Northeast

Central West

Central East

Southwest

Southeast

 Northeast saw a 30%+ decline in closed sale prices for the quarter despite an opposite increase in relative prices (due to mix)

$1,000K

 While overall sale prices declined, home mix influences values (see price per sq. ft.)

$850K $700K

Jul. – Sept. (YoY%)

$550K '23

'22

Northwest

$495K

$415K

19%

Northeast

$365K

$532K

-31%

Central West

$485K

$700K

-31%

Central East

$614K

$705K

-13%

Southwest

$630K

$603K

Southeast

$651K

$822K

-21%

$475K (+1%) $400K $333K (-7%) $250K $100K

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

$705 K (-4%) $676K (+29%) $617K (-5%) $556 K (-12%)

NEW CONSTRUCTION Permit Activity  Over 1,280 new home permits since 2010; Elmhurst is the most active new construction market in the western suburbs

Rolling Last 12 Months (YoY%) New Home Permits Issued

Demo Permits Issued

 New home and demo permits are both down 30%+ following the post-pandemic recovery  Activity continues to be constrained by lot scarcity; buyer demand remains strong

120

Jan. – Sept. (YTD) 71 76 70 65

6467

41 44

30 0

63 (-32%) 61 (-34%)

55 54

'19

'20

'21

'22

New Home Permits Issued

'23

'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22

160

Demo Permits Issued 19

COMPARING HOME TYPES Analyzing Elmhurst Home Types for Q3 2023

Home Type

Single Family

Town Houses

Condos

New Listings

195

18%

71%

Contracted Homes

116

167%

17%

Closed Homes

138

27%

Home Inventory

49%

43%

33%

Contract Time

7 days

36%

7 days

75%

10 days

Price Discounts

100%

98%

Price per Sq. Ft.

$299

$280

13%

$232

Closed Sale Price

$511K

16%

$710K

30%

$210K

26% 20

COMPARING SUBURBS Analyzing Western Suburb Markets

Suburb

Median Price

Q3 YoY%

Price / Sq. Ft.

Q3 YoY% Contract Days Q3 YoY%

Clarendon Hills

$750K

16%

$318

25%

-17%

Downers Grove

$513K

12%

$252

17%

Elmhurst

$511K

-16%

$299

-36%

Glen Ellyn

$550K

16%

$281

10%

-43%

Hinsdale

$1.4M

25%

$327

10%

La Grange

$618K

-1%

$303

-33%

Lombard

$364K

$236

-29%

Oak Brook

$1.2M

43%

$248

12%

-57%

Western Springs

$803K

20%

$304

-2%

33%

Wheaton

$500K

$241

-38% 21

www.kellystetlerrealestate.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. #1 Compass team in DuPage County based on MRED BrokerMetrics for closed transaction volume dates 1/1/23 – 9/30/23 across all residential property types.

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