Elmhurst Real Estate Guide (Q4 2022)

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Briefly reflecting on 2022, the year was a tale of two halves. The first half was incredible and clearly unsustainable. The second half, particularly the fourth quarter, experienced a meaningful slowdown in transaction activity as interest rates spiked. The market is picking up again with seasonal trends, but Elmhurst and other western suburbs remain in the same quandary –there are very few houses available, which is holding prices.

This past year we supported ~45 local organizations and events while growing our Elmhurst closed sales volume by over 40% along the way (note overall Elmhurst sales volume was down nearly 15%). We also began donating for every transaction and have given over $10,000 to Elmhurst not-for-profits in the last 9 months. We love our town and can’t wait to raise the bar in 2023. #anythingforelmhurst

For the cover we chose an Elmhurst fire truck. We are so grateful to have some of the best police officers, firefighters and paramedics providing us a safe community!

All my best, 630.750.9551 kelly.stetler@compass.com www.kellystetlerrealestate.com

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.)

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.

By Submarket Rolling Last 12

 Q4 and last 12 months showed lower listing activity across all submarkets (except Northeast for the quarter)  Many Elmhurst areas experiencing 5+ year lows for listing activity over the last 12 months (well below pre-pandemic)  December showed the lowest number of new listings in a single month in 15+ years

PAINT COLORS

Paint colors create a mood and can transform a space

Favorite Whites:

o BM Chantilly Lace –warm white

o BM White Dove –creamy white

o BM Simply White –clean white, no undertones

o BM Swiss Coffee –warm white with latte undertone

o BM Pale Oak –slight beige undertone 

Favorite Blues:

o BM Flint –dark blue / charcoal gray with moody depth

o BM Gibraltar Cliffs –green / blue that looks great in traditional or modern spaces

o F & B Hague Blue –blue with a teal undertone 

Favorite Greens

o BM Dark Olive –warm green with brown undertone

o BM Jojoba –soft muted olive tone

o F & B Pigeon –green with gray undertones 

Favorite Dark Blacks

o SW Iron Ore –soft black

o SW Urban Bronze –dark warm undertones

o SW Tricon Black –true black with no undertones

o SW Green Black –black with slight green undertone

Note: BM = Benjamin Moore, F & B = Farrow & Ball, SW = Sherwin-Williams

Contributed By:

LAND TRUSTS

Protecting Your Biggest Asset

What is a Land Trust?

A land trust is the simplest and most inexpensive form of estate planning. It is an arrangement by which the recorded title to the real estate is held by a trustee, but all the rights and conveniences are controlled by you and exercised by the beneficiary you choose. You are the beneficiary during your lifetime. And the best part –beneficiary information is never disclosed!

What are the Benefits?

Privacy Avoid Probate Protection Against Liens

Your purchase price, name and mortgage information are just a click away from being viewed by anyone. A land trust is the first step to ensure your privacy of ownership. Unless required by law, the identity of the real owner(s) is not disclosed to the public

The party creating the trust retains control over the property during his / her lifetime. The successors you assign in the trust agreement become effective upon death. Upon death, your beneficiaries take control of the property while avoiding the expense, time, and stress involved in probate court

When the property is held in a land trust, a judgment against one of the beneficiaries does not automatically constitute a lien upon the real estate. If the property is held in a land trust, the beneficiary is provided with an extra measure of protection against liens and lawsuits

Contracted activity was meaningfully lower across all submarkets in Q4

Homes under contract now at or below prepandemic levels across Elmhurst areas over the last 12 months

Central West has held up the best over the last 12 months, but also did not experience the same dramatic increases as other areas

Northwest Northeast Central West Central East Southwest Southeast

 Closed homes were down nearly 50% for the quarter; however, homes priced over $1M remain 30% higher over the last 12 months  Declines at <$400K have been tremendous over the last 12 months (and nearly 70% lower in Q4); currently at 15+ year lows Closed homes likely to continue declines with lower listings and fewer contracts Oct. –Dec. (YoY%)

SALE PREPARATION

Recommendations Before Listing Your House for Sale

Kelly Stetler

Clean toilets, showers and bathtubs, wipe surfaces, mop floors, clean rugs, etc. Consider bringing in a cleaning service to ensure that your house looks great

Declutter and organize your space. When a house is clutter-free, buyers can focus on the home instead of overflowing closets and accumulating knick knacks. This also goes for the yard

Depersonalize by putting away most photos and personal items. Leave a few nice, framed photos to strike a balance between depersonalization and creating an inviting home

Paint over any bright walls with neutral colors such as whites, light grays or light beiges. These shades will make the house feel bigger and more welcoming. Touch-up other areas as needed

Fix items such as leaky faucets, wall cracks, squeaky doors, etc. and complete any overdue servicing (e.g.HVAC). Otherwise, buyers may think your house hasn’t been well maintained

Stage your home, depending on the situation. Multiple studies show that staging a home helps sell faster and for more money. Interior staging is also relatively easy and affordable

Contributed By:

Contract time in Q4 was still relatively quick, but mixed (Northeast and Southeast being outliers on low sales volume)  Submarkets experienced large percentage changes due to low day counts (i.e., a day or two change is a large relative move)  Homes on the market for two weeks or longer are likely overpriced or have other factors impacting time / interest

Northwest Northeast Central West Central East Southwest Southeast

(+33%) (0%) (-45%)

(20221129-874377)

Contributed By:

Kaitlyn Dane

–Dec. (YoY%)

90% 95% 100%

100% 100%

 Price discounts have been mostly consistent across submarkets, but some variability developing  Northeast saw discounts widen consistent with a meaningful increase in contract time (again on a low volume of sales)  Buyers and sellers mostly met at a small discount to original asking price during the quarter

Oct. –Dec. (YoY%)

Submarket'22'21% Northwest 98%98%0% Northeast 91%97%-6% Central West 95%98%-3% Central

96%97%-2%

90% 95% 100%

100% 99% 99%

(+3%) 23

By

Northwest Northeast Central West Central East Southwest Southeast (+24%) (+10%) (+6%) (+13%) (+14%)  Submarkets saw mixed prices for Q4 with half of the areas advancing and the other half declining  Central East remains above $300 per sq. ft. over the last 12 months with Southwest also climbing closer to that level  North Elmhurst submarkets are on the lower end of relative price per sq. ft.

$200 $225 $250 $275 $300 $325

$307 $298 $283 (+8%) Submarket'22'21% Northwest $251$2472% Northeast $294$17964% Central West $258$284-9% Central East $273$282-3% Southwest $304$27112% Southeast $265$279-5%

SEEN AROUND ELMHURST

Our Recent Community Involvement