Glen Ellyn Real Estate Update
The Glen Ellyn market for single family homes, including both attached and detached, had seen a steady increase in prices from 2013 through mid-2016 and surpassed the previous 10-year high from 2008 when prices reached $380k. Prices leveled off a bit towards the end of 2016 and into 2017 but we have recently seen steady upward trending growth. By median sales price with each data point representing a rolling 12-month period, here’s what the market looks like as a whole:
Dialing this down to the detached single family home market, the median sales price hasn’t quite gotten back the 10-year high of $442,000 in March of 2008, but the steady gains we’ve seen recently should be sustainable moving forward.
Months of Inventory
Months supply of Inventory is all about supply and demand. The actual number tells us how many months it would take to sell out of the inventory on the market at the current rate of sales. Typically having around six months of inventory represents a balanced market for buyers and sellers. If that number goes significantly above six months that can be due to additional inventory on the market, less demand for that inventory, or both which creates a buyer’s market. If the supply of inventory falls significantly below six months the market starts to favor sellers who are competing with fewer homes on the market.
Inventory in Glen Ellyn has never been lower, falling 25% over the course of 2017. In January of 2016 inventory was at a balanced 5.8 months, but fast forward to February 2017 and that number was all the way down to 4.3 months. By the end of the year inventory had hit an all-time low of 3.9 months.
While this number would seem to firmly favor sellers, the lower priced markets are so starved for inventory they are pulling down the number as a whole.
Here is a breakdown of inventory by price range over the past five years:
If you’d like to see the months of inventory for more specific markets, click on the links below for an interactive chart:
Another important number to look at is market time. Market time is how many days a listing was on the market from the day it was listed, to the day it closes. This chart below is for the average days on market in Glen Ellyn:
Here is the average days on market broken down by price range over the past three years:
If you’d like to see the average market time for more specific markets, click on the links below:
If you are looking for numbers that you don’t see here, don’t hesitate to contact me and I’d be happy to share any insights regarding your local market.