(Here’s a quick link to new Glen Ellyn listings. For the full market update, read below.)
The Glen Ellyn market had seen a steady increase in prices from 2013 through mid-2016, but prices began leveling off and by the end of the year there was no overall gain. By median sales price with each data point representing a rolling 12-month period, here’s what the market looks like as a whole:
Months of Inventory – this number tells us how many months it would take to sell out of the current inventory on the market. Typically having six months of inventory means the market is balanced and there is just enough inventory, and buyers for that inventory, to keep the market moving without favoring one side or the other. If that number goes above six, then with extra inventory on the market buyers can act with more confidence and be more choosy, so above six months of inventory means it’s a buyer’s market. If the months of inventory go below six, then it starts shifting over to a seller’s market because there are more than enough buyers, but not as many houses on the market.
Glen Ellyn’s inventory has nose-dived at a rate of 25% over the past year. In January 2016 inventory was at a balanced 5.8 months, fast forward to February 2017 and that number is down to 4.3 months.
The lowest inventory Glen Ellyn has seen in the past ten years is 4.1 months in February of 2014, so for the sake of buyers inventory will bounce back to a more balanced number with an influx of listings in the spring market.
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:
Market Time – 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.