We have been hearing good statistics from all the national reports on housing lately. The consensus is that the housing recovery has started and may be gaining strength. Here in Naperville, the numbers are in for the end of August. And market momentum is continuing. Shown below are summary stats for all of Naperville. If you want zip code specific breakdowns they are also available. Of recent interest is the talk of “shadow inventory” in the foreclosure market and the impact that may have on local markets. Look for a post on that subject later this week.

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

Homes Under Contract, 42 vs 38, up 9.6%. The trend continues, now in its sixth consecutive month here in Naperville. There are good values out there and buyers continue to advantage of them.

Median Price , $357.5k vs $301.4k – an increase of 18.6%. This metric started climbing in late April, and is related to increased demand in the marketplace. This represents the fourth month in a row of double digit growth in Median Price.

Average Units for Sale of 1,636 vs 1,638 – or a relatively stable inventory. We had been starting to see a decline in the weekly numbers over the past 10weeks. This is not an atypical occurrence given the time of year and all, but one does wonder what is typical in today’s market.

Units Sold has continued to climb on a weekly basis. The current average of 41 vs 29 in the previous 12 week period is an increase of 40.1%. The continued change in this metric is a measure of strength in the market. And it is not just foreclosures that are selling!

Single family slightly ahead of condo townhome

Market Action Index has climbed close to 11 which is still indicative of a Buyers Market. (Neutrality is when the mark is around 30) but a 22% jump from the previous level. With several months of inventory available at the current sales rate, buyers should still find ample inventory. For sellers, properties need to be in the best possible condition to get the market’s attention at their price point.

Summary Again, for the fifth  month in a row the Naperville market continues to show signs of recovery. Homes are going under contract and closings are increasing. Inventories are up slightly as are pending sales.

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.