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Elmhurst home sales, prices rise in June

Published: Monday, Aug. 11, 2014 9:34 a.m. CST
Caption
(Suburban Life illustration)
Data provided by Mainstreet Organization of Realtors shows housing market trends in the area.

ELMHURST – Home sales in Elmhurst rose from May to June, as did the median home price.

"Normally those numbers show in May and now their showing in June," said Larry Reedy, president of L.W. Reedy Real Estate in Elmhurst.

Reedy explained that this year's especially hard winter delayed the spring market.

The June data, provided by the Mainstreet Organization of Realtors, showed while June 2014 home sales are up over those in June last year, the median home price in Elmhurst this June was slightly lower than it was last June.

In June 2014, 71 homes were sold in Elmhurst, more than the 67 sold in June 2013 and the 62 sold last month.

"The number of homes sold normally drops after summer," said Reedy, explaining that sales slow with the start of the school year.

The data also shows the median home price in Elmhurst was $380,000 in June, up from $355,000 in May, but down slightly from the June 2013 price of $390,000.

Reedy expects prices in the Elmhurst market to stay strong.

Home sales showed a similar trend in some nearby communities. Addison, Bensenville, Glen Ellyn, Lombard, Oak Brook, Villa Park and Wood Dale all showed an increase in June 2014 sales over the previous month. However, of that group, only Elmhurst and Addison showed an increase in sales for June in 2014 compared with the previous year.

Elmhurst home sales exceeded those of several surrounding towns, including Addison, Bensenville, Downers Grove, Glen Ellyn, Lombard, Oak Brook, Villa Park and Wood Dale.

Oak Brook also showed the same trend as Elmhurst in regards to median home prices, although Oak Brook home sales were much lower. In June 2014, eight homes sold in Oak Brook, less than the 10 sold the previous year.

Both towns did show an increase in median home prices from May to June of this year, but still fell short of the June 2013 price. The Oak Brook median home price for June 2014 was $620,050, up from $557,500 the month before, but still less than the $737,500 median home price in June 2013.

Addison, Bensenville and Downers Grove all saw a drop in median home price from May to June in 2014. However, Downers Grove and Addison, unlike Bensenville, did show higher median home prices than in June 2013.

Glen Ellyn, Lombard, Villa Park and Wood Dale all showed increases in June 2014 median home prices over May 2014 and June 2013.

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