Glen Ellyn Real Estate Guide (Q1 2023)

Q1 2023

GLEN ELLYN

LOCAL REAL ESTATE GUIDE

METHODOLOGY

Overview of Terms and Glen Ellyn 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 median price to the median sq. footage of a closed transaction as a relative price measure

NORTHWEST (West of Main St. / North of Pennsylvania Ave. to St. Charles Rd.)

NORTHEAST

(East of Main St. / North of Crescent Blvd. to St. Charles Rd. )

CENTRAL WEST (West of Park Blvd. / South of Pennsylvania Ave. to Roosevelt Rd.)

CENTRAL EAST (East of Park Blvd. / South of Crescent Blvd. to Roosevelt Rd.

SOUTH (South of Roosevelt Rd.)

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

MARKET SUMMARY

“Seller’s Market” Remains this Spring with Parallels to Last Year

Flattening Relative Sale Prices Sale Price / Price

Overall flat relative prices, but “split market” with higher end increasing / lower end decreasing

NEW LISTINGS

 New listings were up 10% in Q1 with increases across price ranges, except $800K+

 Overall listing activity back to 2015 levels or lower; homes prices below $400K are down dramatically with rising values

Listings appear to be bottoming with activity finally starting to pick up

Rolling Last 12 Months (YoY%)

Submarket

 Q1 experienced mixed new listing activity across submarkets

 Northwest experienced a large increase for the quarter and is the only area with more listings in the last 12 months

 New listings in the Central submarkets have fallen dramatically over the last 2 years (Central West increased in Q1)

CONTRACTED HOMES

By Price Range

 Contracted homes declined 9% for the quarter; market is split with higher end decreasing and lower end increasing

 Month of March was particularly soft (down almost 30%) after a slightly higher January and February to start the year

Contracts likely to remain mixed based on more new listings but low inventory

 All submarkets were lower for Q1 with two areas having less than 10 contracts

 Significant increases following the pandemic have returned to historical contract levels (below in some cases)

 Northeast submarket generally has the lowest level of contract activity (also the smallest map area analyzed)

Submarket'23'22%

Northwest 1114-21%

Northeast 39-67%

Central West 1520-25%

Central East 2223-4%

South 812-33%

CLOSED HOMES

By Price Range

 Closed homes declined less than 5% in Q1 with larger percentage declines at higher end of market (on a small base of volume)

 March closings increased 15%+ following more listings and slightly higher contracts in January and February

Closing activity following overall declines in contracts with low home availability Jan.

Price Range'23'22%

22220%

- $599K 353113%

- $799K 1216-25%

1114-21%

By Submarket

 Glen Ellyn submarkets mostly lower for Q1, except Northwest (up) and South (flat)

 Central areas remain the most active for closings despite some of the largest declines over the last 12 months

 Closed activity now back to pre-pandemic levels over the last 12 months (some areas trending below)

HOME INVENTORY

By Price Range

 Available homes have declined significantly across price ranges, but inventory is flattening at low levels

 Overall inventory is down over 85% from March of 2020 (staggering statistic)

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

Mar. Trends (Relative%)

Mar. Quarter End (YoY%)

By Submarket

 Home inventory is down meaningfully across submarkets, despite North areas being up year-over-year

 Extremely limited home availability in all areas (only Northwest with over 5 homes)

 Mix of home inventory is atypical (nothing available in Central East as an example)

Mar. Trends (Relative%)

Mar. Quarter End (YoY%)

Northwest Northeast Central West Central East South

CONTRACT TIME

 Days between listing date and contract signing have been low (mostly less than two weeks) for a few quarters

 During Q1 only homes priced under $400K saw contract times increase (also the case for the last 12 months)

Expect contract times to remain short with very limited home availability

By Submarket

 Contract times were mixed during the quarter with a low number of closings

 Days to contract trend is mostly lower; only Central West and South higher in Q1 from a low comparison last year

 Homes on the market for more than two weeks could be overpriced or have other factors impacting time / interest

Rolling Last 12 Months (YoY%)

Northwest Northeast Central West

Central East South

PRICE DISCOUNTS

By Price Range

 Price discounts across price ranges widened slightly for the quarter

 Over the last 12 months most Glen Ellyn homes sold for around full price, except those under $400K

Price discounts expected to remain narrow given limited home inventory Jan.

- $599K 98%99%-1%

- $799K 99%100%-1%

99%99%-1%

By Submarket

 Mixed price discounts across submarkets with most areas widening; Central East was flat, and Northeast tightened in Q1

 Only one sale in the Northeast closed during the quarter (and at full asking price)

 There is slightly more negotiability for buyers so far this year compared to last year (and the last 12 months)

Rolling Last 12 Months (YoY%)

Submarket'23'22%

Northwest 97%100%-3%

Northeast 100%98%2%

Central West 96%99%-3%

Central East 98%98%0%

South 98%100%-2%

PRICE PER SQ. FT.

 Price per sq. ft. was roughly flat in Q1, but “split market” conditions showed higher end homes increasing and lower end decreasing

 Relative prices set new records above $800K for the last 12 months after another strong quarter

Price growth is mixed, but higher end homes experiencing continued appreciation

By Submarket

 Most submarkets were up for the quarter, except Central West

 Strong increase for Northeast in Q1 despite much lower overall closed sale prices (driven by home size mix); also represents only one closed transaction

 Central West declined in Q1 although overall sale prices increased the most of any area (again driven by home size mix)

Rolling Last 12 Months (YoY%)

CLOSED SALE PRICES

By Submarket Rolling Last 12 Months (YoY%)

 Overall sale prices were mostly higher for Q1, except the Northeast (one transaction)

 Significant increase in Central West pushed overall prices back above Northwest for the last 12 months

 South remains on the lower end of prices

Limited home inventory and more updated homes driving increases

Jan. –Mar. (YoY%)

Submarket'23'22%

Northwest $533K$523K2%

Northeast $597K$970K-38%

Central West $593K$470K26%

Central East $615K$568K8%

South $513K$490K5%

NEW CONSTRUCTION

Permit Activity

 Nearly 100 new home permits since 2018; activity has mostly declined recently

 Nitti Development permits primarily related to homes completed along Fairway Court (issued mostly in 2018 and 2019)

New construction is a relatively small proportion of Glen Ellyn sales

Builder Name# Permits% Permits

New Home Permits Issued

Yearly Permits (2018 –2022)

Builder Summary (2018 –2022)

COMPARING SUBURBS