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Aurora IL Real Estate Market Conditions condos & townhomes zip 60503

Apr 212010

New report on condo and townhome market activity in Aurora, Il 60503. These charts and table will update weekly.

7-day stats for Condo properties in AURORA, IL60503 as of April 16, 2010
Median List Price	$164,925	Average List Price	$173,506
Total Inventory	106	Price per Square Foot	$113
Average Home Size	1,512	Median Lot Size	n/a
Average # Beds	2.39	Average # Baths	2.31
Homes Absorbed	6	Newly Listed	4
Days on Market	214	Average Age	7

It is interesting to note that homes absorbed (sold or off market) in the chart above continues higher than homes listed. This decrease in inventory, if it continues, could lead to stabilized or higher pricing. Keep an eye on this trend by bookmarking this page. The numbers are updated weekly. (Or subscribe to the free report in the sidebar box.)

Median Price for homes in AURORA, IL 60503 as of April 16, 2010 is $164,925	Inventory for homes in AURORA, IL 60503 as of April 16, 2010 is 106
Average Days on Market for homes in AURORA, IL 60503 as of April 16, 2010 is 214	Median MAI for homes in AURORA, IL 60503 as of April 16, 2010 is 15.02

As always, you may bookmark this page to see the updated stats each week, or subscribe to the RSS feed on the right or below. Or, better yet, if you want to talk give me a call or drop me an email or tweet.

Aurora, IL Real Estate Market Conditions: Condos and Townhomes, zip 60504

Aurora, Market Statistics No Responses »

Apr 192010

New report on condo and townhome market activity in Aurora, Il 60504. These charts and table will update weekly.

7-day stats for Condo properties in AURORA, IL60504 as of April 9, 2010
Median List Price	$162,900	Average List Price	$159,907
Total Inventory	231	Price per Square Foot	$120
Average Home Size	1,273	Median Lot Size	n/a
Average # Beds	2.36	Average # Baths	1.94
Homes Absorbed	6	Newly Listed	15
Days on Market	201	Average Age	15

Key figures to note in the table above are the Homes Absorbed and Newly Listed. In the past week 2.5 times as many came on the market as left. This will continue to put pressure on pricing as inventory rises. Prices, though have risen since the early part of the year. Remember Median Pricing normally lags Average Pricing.

Median Price for homes in AURORA, IL 60504 as of April 9, 2010 is $162,900	Inventory for homes in AURORA, IL 60504 as of April 9, 2010 is 231
Average Days on Market for homes in AURORA, IL 60504 as of April 9, 2010 is 201	Median Market Action Index for homes in AURORA, IL 60504 as of April 9, 2010 is 8.44

A strong January for Naperville single family home sales

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Feb 072010

Image via Wikipedia

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%.

Inventory for homes in NAPERVILLE, IL All ZIP Codes

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.

Naperville Condos & Townhomes show interesting 09 numbers

Around Naperville, Market Statistics, Naperville Market Stats 1 Response »

Jan 292010

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.

House Prices Off To Strong Start In 2010 (news.sky.com)
New-Home Sales Decline (benzinga.com)

And the Naperville housing numbers for 2009 say…..

Buyers Information, Market Statistics, Naperville Market Stats 1 Response »

Jan 062010

Continuing from the previous post on Naperville single family home sales activity we are going to look at pricing in a little more detail and over a slightly longer term to try and get a feel for where exactly this market is and where it is headed.

The primary data source for the numbers used here is Terradatum Inc, as licensed by MRED, LLC. Some information may come from Altos Research, Inc.

Average Pricing: The bottom line measurement for homeowners is value. While this post won’t get into a philosophical discussion of just what “value” in housing means, we are looking and prices. And in 2009 Q4 vs Q1 showed an increase of 7.8% to $435,612 from $404,150! Sound good? Possibly, but if you look at the averages from the same time period a year ago – Q4 08 vs Q4 09, you will see that prices dropped by an average of 5.4% from $460,316 to $435,612.

Over the longer term Q1 08 thru Q4 09 we see prices have dropped, on average 11.7% from $493,527 to $435,612, or basically .5% per month over the last 24 months. Extended over a three year window, the overall drop is only 5.5% total! ($460,902 vs $435,612). Certainly much better than the national averages and indicative of the more stable nature of housing here in Naperville.

Median Price for homes in NAPERVILLE, IL All ZIP Codes

Median Price vs Average Price: Typically the difference between the Average Sold Price and Average Median price has ranged from $72,600 to $44,100, for an average difference of $56,000 over the time period studied, or about a 12% variation.

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. My next post will look at condo’s/townhome for the same periods. Check back!

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Naperville Single Family homes on the rise

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Jan 052010

It is time to take a look at the performance in Naperville single family homes on a more long term basis. If you have been following these post in 2009, you know that typically I look at the 12 week period just ended vs the previous 12 week period – basically a rolling quarter vs quarter view. That let’s us see and track recent changes in market to try and spot trends as they are occurring (important if you are trying to catch a wave at a certain point). And 2009 had some quarterly ups and downs. Nationally, and on a statewide level we have been hearing numbers from Case Schiller and NAR that all point to short term improvements in housing numbers. Since real estate is so very local, our concern is Naperville and in particular for this analysis, single family homes, over a longer term to try and see a broader view.

The primary data source for the numbers used here is Terradatum Inc, as licensed by MRED, LLC. The graph is from Altos Research, Inc, a nationally recognized supplier of real estate data.

Supply and Demand: Since market inventory has such an impact on pricing (basic supply and demand philosophy) let’s look at those numbers first. Homes For Sale, are down 18% for Q4 09 vs Q1 09 (1,297 vs 1,583) while homes Under Contract are up 6.6% (225 vs 211) and Homes Sold are up an astounding 92.5% for the same time frame (281 vs 146). So, looks like things really improved in Naperville over the course of 2009.

On a more extended basis the trend is moderated somewhat by a 2008 that was weaker than the past year.. If we look back to Q1 08 thru Q4 09 we see the following: Homes for Sale dropped 20.7% to 1,297 from 1,636. Homes Under Contract are down 12.5% to 225 from 257. Homes Sold increased 44.1% to 281 from 195.

Inventory for homes in NAPERVILLE, IL All ZIP Codes

Good Holiday News for Naperville housing market

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Dec 232009

Illinois Home Sales Record Major Gains in November from a Year Ago
Sales Up 64.0% Statewide and 71.6% in Chicago Region

This was the headline from a news release out of Springfield this week and marks the second consecutive month that double digit gains were seen in Illinois home sales numbers. Statewide total home sales (which include single-family and condominiums) in November 2009 reached 10,361 homes sold, up 64.0 percent from November 2008 sales of 6,317, marking the third consecutive month of year-over-year sales increases in Illinois.

And the forecast for the next several months?

“Forecasts for December, January and February indicate sales increasing robustly in Illinois and Chicago on an annual basis, but median price movements in Illinois hold the potential for a mild recovery that is not, as yet, evident in the Chicago market,” Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

While statewide markets seem to be stabilizing, we like to look at the numbers on a more local level. In DuPage County median prices of homes sold (single family and conds/townhomes) are relatively flat from a year ago.

In Naperville, the average median price for single family homes is about 5.8% lower than than it was a year ago. Inventory is down about 5.7% for the same period.

Median Price for homes in NAPERVILLE, IL All ZIP Codes

Inventory for homes in NAPERVILLE, IL All ZIP Codes

All told, Naperville may not be experiencing the the same rates of recovery that other areas of the state are seeing, but then again, we did not fall as sharply either. We will continue to keep an eye on the numbers and provide our interpretation as viewed thru a Naperville lens. If you want to see additional numbers or examine them in more detail contact me at 630.542.7732 or email me. Have a great holiday season and Merry Christmas.

Mixed numbers for Naperville townhomes and condos

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Dec 182009

The numbers for attached homes in Naperville over the last 12 weeks have some positives in them: Units For Sale dropped 10% while units Sold climbed 17%. Obviously the decrease in inventory and increased sales bodes well for those who have their condos or townhomes on the market.

NAPERVILLE, IL Condo 2010-08-27
Median List Price:	$181,323
Total Inventory:	582
Homes Absorbed:	24
Days on Market:	189

From a dollar perspective, prices for units Sold and Under Contract are down sharply -14% and -15% respectively. Some of this average decline in median prices could just be variations in the what units have sold (lower priced units vs higher priced units) and the seasonal nature of the market, but some may also be reflective of a continued resetting of prices.

Median MAI for homes in NAPERVILLE, IL All ZIP Codes

Naperville November home sales continue strong.

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Dec 092009

There has been a significant amount of news coverage lately on home sale statistics. The Illinois Association of Realtors (IAR) recently announced record sales levels for October. On a more local level we are continuing to see the seasonal effect typical of this time of year, although market activity remains strong over the same period a year ago.

This report focuses on single family home activity in Naperville. Other posts will focus on townhome and condo activity in Naperville and Aurora. If you want to drill down even more, detailed reports are available by zip code. Just click the button to the right and indicate in what area you want additional information. It will be emailed to you promptly.

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, 20 vs 29, down 16.9%. 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 20 or a decrease of 32.7%. Again, this is not unusual give the time of year. On a year over year basis, Homes Sold are up 16.2% over the same period one year ago. That is good news for the long term.

Continuing the trend started last month, Homes For Sale decreased almost 17% from 1090 to 907. With fewer homes on the market, we should begin to see some stabilization in pricing.

Median Price for Homes Sold in November 09 is down 5.2% from $408,210 to $387,162 This change is probably more a function of which properties are selling . The median for Homes Under Contract however, dropped from $424,462 to $405,554 – a decrease of 4.5%. Median List Price remained relatively flat: $489,400 vs $491,217.

Median MAI for homes in NAPERVILLE, IL All ZIP Codes

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.

Home prices may be bottoming out (money.cnn.com)
The Nation’s Top 10 Most Searched Homes (abcnews.go.com)

Aurora Condo and Townhome market report

Aurora, Aurora 204 Zip Codes, Buyers Information, Market Statistics, Mortgage, Real Time Market Statistics, Sellers Information No Responses »

Nov 222009

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.