We are seeing a lot of numbers lately on this housing trend or that particular statistic on a national or regional basis and those are all well and good, but as always, here we look at what is happening to prices and sales activity for single family homes in Naperville. All statistics used in these reports come directly from Terradatum Inc. Their source is reported multiple listing service transactions. After an interesting 2009, how did 2010 start? Let’s look:
Sold Homes: The average price for a single family home in Naperville sold for $444,261 in January 2010. That is an increase of 16.1% from the January 2009 average price of $382,554. Median prices were relatively flat at $371,750 vs $366,500. The gap between average and median price is typically around 12%. This month it is around 16%. That type of increase is only going to be caused by a wider range of prices above the median – an indicator that the upper levels of the Naperville housing market are starting to move. It will be interesting to see if this trend continues in the coming months.
The number of units sold is also up for January 2010 vs January 2009 at 44 vs 40 or a 10% increase. Homes under contract had a much sharper increase to 78 from 61 for the same period one year ago; an increase of 28%.
As always, if you want more detailed information or to look at the numbers on a more hyper-local level (zip code or subdivision) simply Order your free Market Report or drop me an email.
Looking for a home in Naperville? Looking to sell a home in Naperville? Ever wonder what subdivisions have the most activity in terms of homes sold? The table below shows the Top 20 that have had the most single family homes closed within the last 24 months. Want to know what is for sale in that subdivision? Just click on the name and you will quickly see what is currently on the market.
Interested in a subdivision not listed here? Click here then click “Locations/MLS” on the left and select “add” under subdivisions and start typing the name. Select the appropriate one and view the homes. If you need additional information, let me know via one of the buttons on the right. Enjoy, and peace.
One of five completed. It has probabaly been 20 years or so since I have redone the chair seats to the antique dining set I have. It really is a simple process. The platform itself is held on by four screws. Once removed, the covering is pulled back on 3 sides so the padding can be removed. The support webbing is then retightened by stapling and the new foam padding stapled into place and trimmed. The covering is then restretched and stapled before reaeciring tha platform. All in all about a 45 minute project. And the seat no longer sags!
Saturday night hanging out at the Wolves game with the guys from Lths class of 69. Lee, Steve who I had not seen in 39+ yes, Fred, Mike, and Sandy. Started w/ cheeseburgers at the York in Hinsdale (get the double) and who knows what after.
Earlier this month we looked at how single family homes did in Naperville in the past year (2009) over the previous (2008) year. And the numbers seemed to bode well for a stronger 2010. In looking at the Condo & Townhome markets for the same time period we see some interesting trends.
Sold Average: In the year ended 12/31/2008, the average price of a condo/townhome in Naperville dropped 2.5% over the previous 12 months while the median price rose 11.6%. Moving forward, at the end of 2009, the average sale price dropped 8% over its 2008 close while median price dropped 8.2%. Overall, over the two year period, average prices declined 10.3%; median rose 2.4%.
Condo/Towns
2007
2008
2009
07/08
08/09
07/09
UNITS SOLD
803
501
477
-37.6%
-4.8%
-40.6%
AVG LIST
231,528
229,687
214,703
-0.8%
-6.5%
-7.3%
AVG SALE
224,934
219,383
201,776
-2.5%
-8.0%
-10.3%
What is interesting about these numbers is that if you look at a month by move trend analysis it shows that average sales prices are recovering in same month comparisons to previous year. As an example, December 09 was up 6.5% over December 08.
Supply and Demand: Units sold and or under contract is a measure of how active the market is. And 2009 a small decrease in units sold over 2008, but still down sharply from the levels seen in 2007. Meanwhile, units for sale, (not shown in the table) show a 6% increase from end of year 07 (498) to end of year 09 (528). this number spiked in December 08 at 564 units for sale.
So What: Bottom line question is what does this mean for the Naperville housing market? In reverse order, given the number of units available for sale vs the number actually selling, buyers will continue to have a lot of choice. Sellers, in order to be competitive, need to have the home in the most attractive shape possible and at the best possible market price. Given the scope of choice available, you need to be the best value in your price range. The market will not come to meet the price you feel you should get for your property. You need to be priced to the market.
Education, understanding, and knowledge are key components in buying or selling a home. There are a lot of public domain tools available on the web that, when examined can be confusing. One tool that receives a lot of publicity is the “Zestimate” provided by Zillow. The following video by David Gibbons, Director of Community Relations helps explain what it is, what it is not, how to use it as a tool, and how to help make it better.
That clear things up a bit? Like any tool, the Zestimate on your home or the home you are contemplating purchasing is just one of many to be utilized. If you have any questions or want to discuss further, I am always available. Just click your favorite button on the right or shoot me an email.
UPDATE: 01/19/2010 – Things just got a little tighter in the FHA arena. Check out this post from mortgage professional Dan Green for the details on new downpayment and MIP requirements:
Even in today’s tighter credit markets, there are programs available that assist home-buyers in obtaining mortgages with low down payment requirements. FHA loans are issued by lenders, but insured by the FHA. There are unique advantages and benefits that are only available with FHA (the following is quoted):
Easier to Qualify – Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.
Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.
Low Downpayment - We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don’t allow this.
Costs Less – Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.
Help You Keep Your Home – The FHA has been around since 1934 and will continue to be here to protect you when the others walk away. Should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.
There are limits to the amount that can be borrowed under this program and they vary by county. There is a chart to the right that allows you to see for your county, what the current limits are. If you have further questions drop me an email or use one of the buttons to the right to get in touch. Thoughts and comments are always appreciated.
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