Westmont, IL Real Estate Market Update

Here is a look at what has been going on in the Westmont, IL 60559 over the past month, 3 months, 6 months and 12 months. We’ll be taking a look at statistics including Average List Price, Average Sale Price, Market Time, Absorption Rate and much more. I think the numbers are a great way to really see what is going on but keep in mind that they are just one of many tools to help us figure out current market conditions. What these numbers don’t show is current activity such as # of showings or how many buyers are out there looking. Enjoy and let me know if you have any questions.

All statistics are pulled from TODAY’S date. These are not specific to the month of June or July but were pulled today and are reflective of this date. I like to keep things current.

The current absorption rate in Westmont, IL 60559 is: 33.93 weeks or 7.84 months.

We’ve always said that a healthy absorption ratet is between 5 & 6 months. Back in February I reported Westmont at 35.29 weeks. So we’re seeing some improvement but I’d love to see more.

Westmont, IL Last Month

• Last month we saw 17 single family homes go under contract with an average market time of 231 days in Westmont. Average List Price when they went under contract was $388,653.
• There are currently 133 ACTIVE listings in Westmont. Average market time is 199 days and the average list price is $461,744.
• 11 properties expired.  Average market time for those expired listings was 251 days and the average list price when they expired was $502,923.
• 0 have sold. Not the best of news but at least we put 17 under contract so let’s anticipate a better number next month.

Westmont, IL Past 3 Months

• Only 1 property to add to the Under Contract list of 17 from above. So 18 single family homes are under contract right now in Westmont, IL. Their average market time was 220 days.
• 26 properties expired in the past 3 months with an average market time of 236 days.
• 24 properties in Westmont have sold at an average market time of 128 days and an average sale price of $348,167. The LP:SP (List Price to Sale Price) ratio was 93%.

Westmont, IL Past 6 Months

• We saw 51 single family homes sell over the past 6 months. Average market time was 151 days. Average Sale Price was $351,287 and the ratio of LP:SP was 94%.
• 45 single family homes in Westmont expired. Average market time on those was 262 days. Avearge list price was $442,240.
• Note the list price and market time on the expired listing versus those sold and under contract. Almost always it will be higher price and longer market time. If we looked at each individual listing I’m sure we would see a number of price reductions as well. All about pricing.

Westmont, IL Past 12 Months

• Over the past year, from today, Westmont has seen 101 single family homes close. The average sale price of those 101 properties was $369,802 and the market times was at an average of 146 days.
• 94% LP:SP. Not bad.
• 113 properties expired. Past six months showed us 45 properties expire and 51 sold. Meaning the six months before that saw 68 expire and 50 sold. Trend is showing the gap between expired and sold closing but we still want to see more sold than expired. The trend also makes sense because the first six months of this year include most of the winter where we will always see more expired and less closed.

Not all bad. I would have liked to have seen a few closed over the past month it being June/July but am encouraged with 18 now under contract. Still very up and down. Take note of the market time on the expired listings versus everything else. Will always be higher as well as the pricing. I mentioned it earlier but it is worth repeating…..it is all about pricing no matter what market we are in. Being in a slow one it takes on an even more important role. Let me know if you have any questions.

Here is a look at current MLS listings in Westmont…click on below to expand the search: