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Naperville, IL 60540 Real Estate Market Statistics through June 2010

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Jul 272010

Good News Bad News

Remember the line “I’ve got good news and bad news for you?” That’s what the Naperville 60540 market statistics are telling us through the end of June, 2010. Average list prices remain above $700,000 while median list prices are in the mid $400′s. Homes are still selling, though not as quickly.

90-day stats for Single Family properties in NAPERVILLE, IL60540 as of August 27, 2010
Median List Price:	$461,058	Average List Price:	$710,706
Total Inventory:	346	Price per Square Foot:	$194
Average Home Size:	2,678	Median Lot Size:	10,764
Average # Beds:	3.92	Average # Baths:	3.11
Homes Absorbed:	16	Newly Listed:	14
Days on Market:	198	Average Age:	30

Median prices continue to decline in 2010 from the relative stability we had in the fourth quarter of 2009. Year to date, the median price has declined around 1% per month.

Naperville 60540 Median Home Price

Inventory continues to rise to its highest levels since November 2009. Higher inventories mean more competition for sellers and more choices for buyers. This usually leads to increased pressure on home prices.

Naperville 60540 Single Family Home Inventory

The good news? Market times are continuing to decline. Homes sell when they are priced attractively to the market – not before. Remember, the market determines what the selling price of the home is – not the investment in the home or what the seller needs to get out of the property.

Naperville 60540 Days on Market for single family homes

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.

Naperville Condo and Townhome Market Report

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Nov 152009

New this month – Market Stats Report on Condos and Townhomes in Naperville. 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, 12 vs 12. 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 12 to 10 or a decrease of 16.7%. Again, this is not unusual give the time of year.

Continuing the trend started last month, Homes For Sale decreased 3.6% from 552 to 532. 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 1.2% from $197,519to $195,071– an insignificant change. The median for Homes Under Contract however, dropped from $204,705 to $181,352– a decrease of 11.4%. Median List Price remained flat: $189,975 vs $189,288.

Condos and Townhomes in Naperville, IL

*(Source -Terradatum/MRED, LLC). Numbers shown are based condo/townhome data. Contact me for further individual breakdowns. Other data and charts from Altos Research. Information is also available by zipcode. It can be requested in the chart to the right or by clicking here. It will be emailed to you shortly.

Naperville Home Sales for September

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Oct 112009

The latest buzz in the housing market is the efforts in Washington to extend the Home Buyer’s Tax Credit. Just this week several local politicians announced their support for expansion and/or extension. Meanwhile, here in Naperville, the numbers are in for the end of September. And market momentum is continuing. Shown below are summary stats for all of Naperville. If you want zip code specific breakdowns fill in your info in the table to the right. AS promised last month, the issue of Shadow Inventory was discussed in another post.

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, 36 vs 40, up 8.5%. The trend continues, now in its seventh consecutive month here in Naperville. There are good values out there and buyers continue to advantage of them.

Median Price for Homes sold in Sept 09 is down 2.1% over the same period one year ago, and -5.7% over Sept 07. At the same time, Average Price is -8.7% over Sept 08, but up 4.1% over Sept 07.

Reflecting a seasonal trend, the number of Homes for Sale is down 4.6% for the current 12 week period over the previous 12 weeks – a typical occurrence for this time of year. Homes Under Contract is down a similar level -4.4%.

Units Sold has flattened out this period which is typical from a seasonal perspective.. The current average of 40 vs 36 in the previous 12 week period is an increase of 8.5%. The continued change in this metric is a measure of strength in the market. And it is not just foreclosures that are selling!

altoschart909

Market Action Index has climbed to a point where it is exceeding last years level! 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 For the sixth 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 decreasing as more homes are absorbed and pending sales continue to be stable..

Note: If you would like to be updated regularly on housing statistics in your area, enter your info in the block to the right.

New Look for Naperville Market Stats

Around Naperville, Buyers Information, Market Statistics, Naperville, Naperville Market Stats, Real Time Market Statistics, Sellers Information No Responses »

Oct 072009

There is a new look to the Market Stats charts for Naperville, 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!)