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 3rd Quarter, 2020
Dated: October 27 2020
For most industries, 2020 has been anything but typical. In the real estate industry, and particularly in our Elmhurst market, the market has been quite unusual. The spring market “sprung” late, and we have experienced an active market straight through to the fall.
After the initial panic and confusion following the COVID-19 pandemic, the summer market in Elmhurst took off, in both average sales price and number of contracts written. Our 3rd quarter market was busier than it typically is.
Similarly, the wider Chicago market saw a 10% increase in median sales price, and we saw a 9.5% increase in median sales price in Elmhurst.
As always, we like to keep an eye on inventory, as it typically informs us of where pricing is going. Currently, Elmhurst’s inventory is at 4.5 months, down from its 3-year peak of 5.6 months in the summer of 2019.
With average sales price climbing and inventory decreasing, we are anticipating a healthy winter leading into a swift spring market.
Yet another factor to consider this year is the election. In past years, we’ve seen a post-election “surge” in activity. Here are some articles on that trend and what to expect this time around:
- Here Is What a Presidential Election Means or Home Sales and Prices, from Forbes.
- How Will the Presidential Election Impact Real Estate, from Keeping Current Matters.
Regardless of the results, stay in touch with your local LW Reedy agents to see what, if any, effect the election is having in our local market.
As always, if you are thinking of buying or selling, contact your favorite LW Reedy Agent to help guide you with your decisions.
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