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Elmhurst home sales set back by harsh winter

Published: Friday, July 11, 2014 11:50 a.m. CDT
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ELMHURST – A comparison of real estate data from May 2014 showed an increase in the number of homes sold in Elmhurst from May 2013, but a small drop in the average sale price of those homes.

According to data provided by Mainstreet Organization of Realtors, 62 Elmhurst homes sold in May 2014, a 12.7 percent increase over the 55 sold in May 2013.

The average price of those homes was $451,784, which is down 6.8 percent from $484,720 in May 2013, according to the same data.

Larry Reedy, president of L.W. Reedy Real Estate in Elmhurst said looking at the month-to-month comparison from year to year is like looking at a snapshot instead of watching an entire movie.

Reedy said the slight drop in average home prices reflects a late spring market.

"This year everything got moved back two months or so," Reedy said.

Reedy said fewer homes sold for more than $600,000 this May compared to last, which he credits for the slight drop in average price.

Reedy said the May 2014 numbers reflect contracts written in February and March. The harsh winter lowered the number of contracts written for homes more than $600,000, but he's seen an increase in contracts written for higher-priced homes during April and May this year.

"I think we're finally realizing what that winter did to our market," Reedy said.

He said he expects Elmhurst housing prices to grow in June, reflecting the growing number of higher-priced contracts written in recent months.

"We don't see any indication of prices coming down in Elmhurst," Reedy said.

– – – – NOTE: Boxes formatted with double spaces in "Blurb" field – – – –

Number of houses sold

Market 2014 2013 % changeAddison 19 23 -17.4%Bensenville 14 16 -12.5%Elmhurst 62 55 12.7%Hinsdale 33 22 50%La Grange 16 19 15.8%Lombard 41 48 -14.6%Oak Brook 6 4 50%Villa Park 29 29 0%Westchester 21 18 16.7%

Source: Mainstreet Organization of Realtors

– – – –Median sales price

Market 2014 2013 % changeAddison 210,000 218,000 -3.7%Bensenville 187,450 156,875 19.5%Elmhurst 355,000 435,000 -18.4Hinsdale 1,000,000 956,000 4.6%La Grange 410,750 410,000 0.2%Lombard 240,000 197,697 21.4%Oak Brook 557,500 1,073,000 -48%Villa Park 210,200 183,000 14.9%Westchester 552,000 465,950 18.5%

Source: Mainstreet Organization of Realtors

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