Both meteorologists and Realtors have been scratching their heads during the first quarter of 2019 wondering where spring is. Many experts blame the late-blooming weather with polar vortexes and April snowstorms for a slow start to the spring housing market. Others point to new tax laws giving buyers pause as they assess the overall effect on their budget. Most likely a combination of things led to a slowdown in the Elmhurst market and the Chicago market as a whole.
Let’s take a look at the numbers for Elmhurst in the first few months of 2019.
Elmhurst’s “average price” stayed relatively flat since last April.
Elmhurst’s “month’s supply” shot up from 3.8 months of inventory last April to 5.3 months in April of 2019.
“Market time” for Elmhurst is ticking up just a bit, similar to late 2017 numbers.
Peak “showings per listing” for spring are lower than 2017 and 2018 numbers.
There are reasons to believe that these numbers are temporary.
- Even with a rise in inventory, the overall inventory for Elmhurst is still at a level economists consider an “even” market, meaning it is equally favorable for both buyers and sellers. That range is generally believed to be between 4-6 months. Elmhurst is currently at 5.3 months.
- The weather has broken.
- The Fed announced in May that it will keep interest rates flat.
All these reasons point to favorable conditions for buyers and a strong end to the spring market.
Proper understanding of current market conditions becomes even more important in a changing market. Contact your LW Reedy real estate agent to discuss how the current market affects your real estate needs.