Glen Ellyn Real Estate Guide (Q2 2023)

Q2 2023

GLEN ELLYN

LOCAL REAL ESTATE GUIDE

METHODOLOGY

Overview of Terms and Glen Ellyn Submarkets

CLOSED:closed transaction reflecting the final sales price (does not include any seller credits)

CONTRACTED:contingent or pending transaction reflecting the latest asking price

CONTRACT TIME:number of days between the first list date and the contracted date (does not include time from contract to close)

HOME INVENTORY:number of homes currently available for sale

MEDIAN:middle value of a given dataset (all report values are medians, which are less impacted by outliers than averages)

PRICE DISCOUNTS:percentage difference between the initial list and recorded sale price

PRICE PER SQ. FT:ratio of the median price to the median sq. footage of a closed transaction as a relative price measure

NORTHWEST (West of Main St. / North of Pennsylvania Ave. to St. Charles Rd.)

NORTHEAST

(East of Main St. / North of Crescent Blvd. to St. Charles Rd. )

CENTRAL WEST (West of Park Blvd. / South of Pennsylvania Ave. to Roosevelt Rd.)

CENTRAL EAST (East of Park Blvd. / South of Crescent Blvd. to Roosevelt Rd.

SOUTH (South of Roosevelt Rd.)

Note: All figures represent detached single-family homes unless otherwise specified. Price range data based on the village of Glen Ellyn. Submarket figures based on the approximate areas identified on map above and do not include every home within village limits.

MARKET SUMMARY

“Seller’s Market” Continues in Late Spring / Early Summer

NEW LISTINGS

 New listings were down 40% in Q2 with the largest declines concentrated in the middle of the market ($400K –$800K range)

 Overall listing activity now back to 2013 levels or lower; homes priced below $400K are down dramatically with rising values

What looked like a listings bottom with more activity in Q1 gave way to further declines

Rolling Last 12 Months (YoY%)

 Q2 experienced lower new listing activity across submarkets

 Large increase in Northwest for Q1 kept this submarket higher for the last 12 months even after recent declines

 South submarket declined dramatically with less than 10 total new listings in Q2

Northwest 2440-40% Northeast 1014-29% Central West 3141-24% Central East 1835-49%

CONTRACTED HOMES

 Contracted homes declined nearly 20% for the quarter; homes priced under $400K increased some following major declines

 Month of June experienced the largest monthly decline (almost 30%) after a soft April and flatter May

Contracts likely to decline based on fewer new listings and low inventory Apr.

 Glen Ellyn submarkets were lower for Q2; two areas had less than 10 contracts

 Significant increases following the pandemic have returned to historical contract levels (below in some cases)

 Northeast submarket has the lowest level of contract activity generally (also the smallest map area analyzed)

Northwest Northeast Central West

Central East South

Submarket'23'22%

Northwest 2125-16%

Northeast 710-30%

Central West 2627-4%

Central East 1317-24%

South 718-61%

CLOSED HOMES

 Closed homes declined over 10% in Q2 primarily driven by higher end homes over $800K (down nearly 50%)

 April closings increased slightly following more activity in the first quarter, but fell 15%+ during May and June

Closing activity following overall declines in contracts with low home availability Apr.

 Glen Ellyn submarkets mostly lower for Q2, except Central West (flat)

 Central areas remain the most active for closings and held up better than other submarkets for the quarter

 Closed activity now trending below prepandemic levels over the last 12 months

HOME INVENTORY

By Price Range

 Available homes declined over 40% in Q2 from levels that were already historically low

 Homes priced over $800K currently represent 45%+ of all inventory with this price range increasing and others falling

Scarce inventory expected to continue driving “seller’s market” conditions

Jun. Trends (Relative%)

Jun. Quarter End (YoY%)

By Submarket

 Home inventory is down meaningfully across submarkets, despite North areas avoiding further declines

 Extremely limited home availability in all areas (10 homes or less in all submarkets)

 Mix of inventory is atypical given how few homes are available across Glen Ellyn

Jun. Trends (Relative%)

Jun. Quarter End (YoY%)

Northwest Northeast Central West Central East South

Northwest

CONTRACT TIME

 Days between listing date and contract signing have been low (mostly less than two weeks) for a couple years

 During Q2 homes mostly matched last year (only a day difference) by going under contract in under a week across price ranges

Expect contract times to remain short with very limited home availability

 Contract times were fast during the quarter with fewer closings

 Days to contract trend is mostly flat overall with a small movement creating large percentage changes

 Homes on the market for more than two weeks could be overpriced or have other factors impacting time / interest

PRICE DISCOUNTS

 Price discounts were limited in Q2 with most homes sold at asking price or a slight premium

 Homes priced below $400K continued to have a very minor discount (2% or less) over the last 12 months

Price discounts expected to remain narrow given limited home inventory

By Submarket

 All Glen Ellyn submarkets experienced full asking price or more for closed sales during the quarter

 While only one area (Northeast) saw a higher premium versus last year, each submarket showed strong closing prices

 Despite Q1 showing some negotiability, discounts mostly disappeared in the spring and early summer

Apr. –Jun. (YoY%)

Submarket'23'22%

Northwest 100%101%-1%

Northeast 101%99%2%

Central West 101%102%-1%

Central East 100%101%-1%

South 102%105%-4%

Rolling Last 12 Months (YoY%)

PRICE PER SQ. FT.

 Price per sq. ft. was roughly flat in Q2 with the middle of the market ($400K –$800K) increasing and the ends slightly softening

 Relative prices set new records from $400K –$800K for the last 12 months after the strong quarter

While price growth is mixed, above $400K continues to remain strong

 Most submarkets were up for the quarter, except the Western areas

 Strong increase for Northeast again in Q2 despite lower overall closed sale prices (driven by home size mix); also represents only 5 transactions

 Central West declined in Q2 and had the largest drop in overall closed sale prices

CLOSED SALE PRICES

By Submarket

 Overall sale prices were mostly lower for Q2, except Central East and South

 Central East and South are also the only submarkets higher over the last 12 months

 South remains on the lower end of prices

Low closed volume and home mix resulting in declines (price per sq. ft. a better metric)

Apr. –Jun. (YoY%)

Submarket'23'22%

Northwest $588K$763K-23%

Northeast $762K$908K-16%

Central West $465K$658K-29%

Central East $825K$772K7%

South $450K$430K5%

Rolling Last 12 Months (YoY%)

CLOSED SALE VOLUME

By Submarket

 Overall closed sale volume for Glen Ellyn was down 20%+ for the quarter and now 25%+ lower over the last 12 months

 Central East (largest map area) was the only submarket that increased overall sales volume in Q2

Central submarkets remain the largest sale volume areas in Glen Ellyn

Apr. –Jun. (YoY%)

Submarket'23'22%

Northwest $11M$18M-37%

Northeast $5M$9M-50%

Central West $13M$19M-33%

Central East $18M$17M7%

South $3M$8M-56%

Rolling Last 12 Months (YoY%)

COMPARING SUBURBS

Analyzing Western Suburb Markets