Naperville single family homes show signs of leveling

Washington is on the verge of passing legislation extending and expanding the Housing Tax Credit. Key dates to remember are purchase agreement signed by the end of April 2010 and closing by the end of June 2010. All indicators are that the credit so far has provided the sought after stimulus it was designed for and this extension and expansion is expected to drive further activity. There are other factors that continue to play and at a recent economic forecast breakfast hosted by the Naperville Chamber of Commerce, key indicators seem to point to a recovery more so in the 2^nd quarter of 2010 and beyond. Continued higher unemployment and tight lending for small business are slowing everything down.

This month’s market statistics report will focus on single family homes in all of Naperville. If you want zip code specific breakdowns fill in your info in the table to the right to have a report emailed to you. Or select the community of interest from the menu bar above. Look for a follow up post on condos/townhomes.

Last 12 Weeks vs Previous 12 Weeks: (Source -Terradatum/MRED, LLC). Numbers shown are based on single family data. Contact me for further individual breakdowns.

Homes Under Contract, 29 vs 24, down 17.2%. We have seen a bit of a slowdown in homes going under contract. This is typical of the seasonal nature of real estate. This is the first down month after 7 consecutive months on the uptick. Homes Sold went from 29 12 weeks ago to 26 or a decrease of 10.3%. Again, this is not unusual give the time of year.

Continuing the trend started last month, Homes For Sale decreased almost 14% from 1,134 to 976. With fewer homes on the market, we should begin to see some stabilization in pricing.

Median Price for Homes Sold in October 09 is down 1.6% from $409,038 to $402,418 – an insignificant change. The median for Homes Under Contract however, dropped from $429,466 to $414,412 – a decrease of 3.5%. Median List Price remained flat: $491,859 vs $492,067.

The Market Action Index is broken out by market quartiles this month and reflects different activity levels for each market segment. The lower priced homes have seen the most stability in activity, tier two the second most, and so on. the high end luxury market continues to move at the slowest pace. For more detailed information, send an email request with your specifics or complete the Report Request and it will be emailed to you shortly. And, as always, feel free to share this information with others.

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