Naperville Single Family Housing Thru February 2009
As a rule, sales volume in Naperville is still running behind 2008. Homes Under Contract, a good measure of how active the market is – 70 vs 80 – are down 12.5% from a year ago. Home Sold, – 34 vs 71 – are down 52%. Homes On Market – 1,056 vs 1,110 – are down 4.5 %. An interesting trend is that for the past six months, the number of homes going under contract has been fairly consistent (December was an anomaly in the trend) which bodes well for a stabilization of demand in Naperville. Third quarter 2008 saw a sharp decline in this key measure.
Months Supply of Inventory (# of homes on market/average homes sold per month) is continuing to come down from the record highs of 3rd quarter 2008 and is currently just under 13 months.
What does this mean for Buyers? You have choices out there in the market and homes are becoming more affordable as the market continues to settle. There are some very attractive buys out there right now.
For Sellers, competition in attracting buyers continues to be strong. Properties that are well prepared for market, i.e., clean, fixed up, updated, will continue to sell more quickly and for a higher percentage to list price. The cream will come off the top.
