The spring market did NOT disappoint. Based on an unusually active winter market, low inventory, low interest rates, and positive signs of an economy re-opening, we anticipated a swift, if not full
Market Update 1st Quarter, 2021
Dated: April 15 2021
The spring market did NOT disappoint. Based on an unusually active winter market, low inventory, low interest rates, and positive signs of an economy re-opening, we anticipated a swift, if not full-throttle, spring market.
Although we still have another month and a half of the traditional spring real estate market, the early returns are impressive.
The average sales price for Elmhurst is 10% higher than it was last March.
As we mentioned, our healthy price increase is largely tied to low interest rates and historically low inventory levels. Currently, our rolling 12 months of inventory is at a 10+ year low of 3.3 months.
Foot traffic (as measured by Showing Assist software) is at the highest level we have seen.
All this has fueled our hot spring and has led to some homes selling in their first week on the market and the infamous "multiple offer scenario."
It’s not just Elmhurst either, as we’re seeing similar conditions throughout the Chicagoland area. Read more in this article from ABC Chicago.
Now more than ever, finding the right Realtor is critical, for both buyers and sellers, to navigate this fast-moving, and sometimes complicated, market.
As always, if you are thinking of buying or selling, contact your favorite LW Reedy Agent to help guide your decisions.
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