New this month – Market Report on Condos and Townhomes in Aurora. This will be following the same format as the monthly single family homes report but will focus on this segment of the market. Industry news in recent weeks has included the expansion and extension of the Home Buyer’s Tax Credit. Essentially, the program for first time buyers requires a contract date no later than April 30, 2010 and a close date no later than June 30, 2010. The amount is 10% or a maximum of $8,000. Income limits have been adjusted upward so more people may be eligible. Existing homeowners (not just upgraders) who have owned and lived in their home for five consecutive of the last eight years may be eligible for up to $6,500. This chart has a good summarization of the changes. And for a Frequently Asked Questions or FAQ, go here.

Data comparisons* are made for the current 12 week period vs the previous 12 weeks.

Homes Under Contract, 13 vs 10, or an increase of 30%. This upward trend has been steadily continuing over the last several months and continues into the fall months. Homes Sold remained steady – 11 vs 11. They have been at this level on a continuous basis since early June, 2009, indicating a relatively stable market.

Continuing a trend that  started in July, Homes For Sale decreased 9% from 610 to 558. This continued reduction in inventory bodes well for stabilization in pricing and competition in the marketplace.

Median Price for Homes Sold in October 09 is down less that 1% from $152,167 to $151,288 – an insignificant change. The median for Homes Under Contract however, dropped from $162,575 to $150,896 – a decrease of 7.2%. Median List Price dropped 2.5% from $162,262 to $158,171. All three pricing metrics have been gradually declining over the past 6 months.

Condos and Townhomes in Aurora, IL

These stats are also available on an individual zip code basis. Contact me to take a closer look at your particular area. Or request your own customized report and it will be emailed promptly.

Just how “hyper-local” is the Aurora* real estate market?  As I have been watching the statistics over the past several months it has become apparent that it is very local. Many of you receive my free monthly reports from Altos Research that show the trends in your particular zip code. And some numbers are up and some are down. What is interesting is how they vary by zip code in Aurora. The chart below reflects the trend in Median Price, by zip, over the past 12 months for single family homes:

As you can see, over the past 12 months, Median Prices have been relatively flat with a slight decline – an improvement over the previous 12 months that saw sharper declines. If you are interested in seeing how this drills down to the subdivision level, drop me an email or give me a call and let me know what area you want to view.  And as always, you can request your free reports here.

Condos and town homes in these zip codes show a sharper downward trend, down in the range of 8-11% over the same time period:

If you are interested in seeing how this drills down to the developement or association level, drop me an email or give me a call and let me know what area you want to view.  And as always, you can request your free reports here.

There is a new look to the Market Stats charts for Aurora, IL. The flash charts shown below allow you to look at different time frames, hover over data points to get detailed information and more. Play with them, change the view period (top left), move the sliders (bottom right) to select different ranges, or hover over a data point to see the details. Don’t forget to peek at the Inventory bar graph to see how that is tracking with the graphed stats.

Play with them and please, let me know what you think. (And if I am getting too geeky with the stats, let me know that too!)

Aurora, 60502 Single Family Homes

Adjust the slide bar above to change the view period.

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Aurora, 60503 Single Family Homes

Adjust the slide bar above to change the view period.

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Aurora, 60504 Single Family Homes

Adjust the slide bar above to change the view period.

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The numbers are in for the end of April and are continuing to improve. This morning, Reuters and others reported on the latest national housing market stats. Pending Sales are up for the second month in a row. On a more local level, the Naperville housing market continues to build momentum. Shown below are summary stats for all of Naperville. If you want zip code specific breakdowns they are also available.

Last 12 Weeks vs Previous 12 Weeks: (Source -Terradatum/MRED, LLC). Numbers shown are based on single family and townhome/condo data combined.

Homes Under Contract, 34 vs 19, up 85%%. The trend we noted last month seems to be continuing There are good values out there and it seems buyers are taking advantage of them.

Median Price , $298.4 k vs $328.1k or a drop of about 9.1%. While volume in April is down vs March, the rate of decline is slower than it was in the previous period.) April usually has a “Spring Break” impact in Naperville – less volume.)

Average Units for Sale of 1,535 vs 1,443 or an increase of 6.4%. The recent trend has been steadily climbing since early February although the weekly number has been relatively flat during April. Higher inventories usually mean more options to choose from for buyers and more competition for sellers.

Units Sold has continued to climb on a weekly basis. The current average of 23 vs 17 in the previous 12 week period is an increase of 31%, possibly indicative of renewed confidence in the market.

Market Action Index is still hovering around the 10 mark which is indicative of a Buyers Market. (Neutrality is when the mark is around 30).

Summary  The Naperville market continues to show signs of recovery. Slight variations in Median Price on a period by period basis are more a function of what units sold in that period and not necessarily indicative of a declining market. Has housing bottomed out? I think what we are seeing is a new level in the market – a return to some semblance of reality in values and volume. Just my thought but the numbers on a local and national basis seem to support improving confidence.

Note: If you would like to be updated regularly on housing statistics in your area, just drop me an email and the data will be sent to you automatically.