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Lawrence Yun, Chief Economist with the National Association of Realtors, discusses the economic and housing market outlook. This presentation is from NAR’s Midyear Forum held this past week in Washington D.C.

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Big single-family home

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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.

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house2Washington is on the verge of passing legislation extending and expanding the Housing Tax Credit. Key dates to remember are purchase agreement signed by the end of April 2010 and closing by the end of June 2010. All indicators are that the credit so far has provided the sought after stimulus it was designed for and this extension and expansion is expected to drive further activity. There are other factors that continue to play and at a recent economic forecast breakfast hosted by the Naperville Chamber of Commerce, key indicators seem to point to a recovery more so in the 2nd quarter of 2010 and beyond. Continued higher unemployment and tight lending for small business are slowing everything down.

This month’s market statistics report will focus on single family homes in all of Naperville. If you want zip code specific breakdowns fill in your info in the table to the right to have a report emailed to you. Or select the community of interest from the menu bar above. Look for a follow up post on condos/townhomes.

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, 29 vs 24, down 17.2%. 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 26 or a decrease of 10.3%. Again, this is not unusual give the time of year.

Continuing the trend started last month, Homes For Sale decreased almost 14% from 1,134 to 976. 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 1.6% from $409,038 to $402,418 – an insignificant change. The median for Homes Under Contract however, dropped from $429,466 to $414,412 – a decrease of 3.5%. Median List Price remained flat: $491,859 vs $492,067.

mai11-5-09

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.

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Information released Tuesday, Sept 15, 2009 by the National Association of Realtors shows that contract activity for home sales has risen for the sixth straight month. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

As Yu indicates the national market appears to be at or recovering from its bottom. For buyers, it means better chances for appreciation of your purchase. For sellers it is still unclear that higher prices are right around the corner. but from stability could come growth.
The housing market builds from the bottom up, but most indicators are positive, reflecting a trend we have seen in Naperville since early 2009.

twitterThe following is part two of a recent submission to a Real Esate publication’s request on tips and guidelines for using Twitter and other Social Media.

If you join the world of Twitter here are a few key things to remember and some tips to help find value in the time you spend there.

  1. Remember, you are building your personal and professional brand by being present and active in this social medium. What you “say” is permanent.
  2. Put a personal, friendly picture as your avatar, one that people will recognize.
  3. Use some version of your name as your handle – again, recognition.
  4. Install a helper application such as TweetDeck, or Seesmic, or Digsby. These will help you organize tweets, follow trending topics, follow conversations in groups of people you define, follow key words, i.e, Real Estate, Naperville.
  5. Tweet about and “retweet” those comments that you feel are notable. Showing interest is more important than being interesting, and will gain you followers.
  6. Thank those who retweet your comments. Showing gratitude builds social capital which builds a following.
  7. Follow those who Tweet about subjects that interest you. Engage them, interact with them. Quiet observance will not gain you followers. Follow the superstars and your competitors. Follow related business folks, mortgage people, builders, associations, etc. You will be surprised at the information you can glean (and contribute) from the conversation stream.
  8. Following Back There are multiple schools of thought on this subject. Some say follow every one, even the porn stars, because the bigger base you have the larger the opportunity. Others say treat it more like your sphere – prune, trim, follow only relevant folks. My personal practice: I check people’s profiles and look at:
    1. Are their tweets a mix of business and general/personal? I don’t want to add someone to my stream who is going to just bombard me with pitches to buy their product of service. I do want people who are interesting, knowledgeable.
    2. Number of tweets: Do they regularly engage in tweeting? I had one former colleague who started following me. He followed a number of folks and had followers. He also had zero tweets. What value do you think he is bringing to the Twitter community?
    3. Ratio Is the ratio of Followed to Followers fairly even?
  9. #FollowFriday Participate in this fun. On Fridays people recommend those to the Twitterverse that they particularly enjoy or feel offer good value. Go first, include “#followfriday” in your tweet and the twitter name of those you are recommending. They may be funny, intelligent, friendly, whatever the reason, give recognition and kudo’s. It will return to you. And, always thank those who include you in their #followfriday’s. Just watch the twitter stream, it’s easy to pick up the protocol.
  10. Tweeups Attend a Tweetup and meet others who Twitter. Or schedule one. Or join a Tweetride (cyclists who Twitter meet to ride). Be creative and interactive.

Here is a great summary from Nicole Nicolay in her e-book “Twitter for Real Estate Twits: “@nik_nik’s chapter 7 summary: Be the same person you are offline when you’re online. Same rules apply. If you wouldn’t flash your neighbor, then don’t flash twits. When it comes to real estate, behave with the professionalism that your clients expect from you. And, if you do make a mistake or ever fart in an elevator, just say “sorry”.

Again, these are my thoughts and practices. There are other protocols that work well for others. Keys to remember, participate, offer value, play nice, & mix up the social and business.

NAPERVILLE THIS WEEK:  April 27, 2009

The median single family home price in Naperville this week is $499,625. The 1186 homes have been on the market for an average of 219 days. Inventory and days-on-market are climbing while the Market Action Index has been flat, continuing a trend of the past several weeks.

MEASURE

VALUE

TREND

Median List Price

$499,625

Decreasing

Average List Price

$647,302

Least Expensive Listing

$134,900

Most Expensive Listing

$4,899,000

Asking $/sq ft

$185

Even

Average Days on Market

219

Increasing

Total Inventory

1186

Increasing

Absorbed This Week

37

Market Action Index

8

Even

For a more detailed view of the market, including breakdowns by zip code, go to the Market Statistics tab and select the town you want to study. Those charts are updated weekly. Interested in a no charge subscription? Drop me an email and I’ll set you up to receive weekly reports via email.

house2Do you currently rent? have you thought about buying a home/condo/townhome for the first time? Maybe have a few questions about the process, credit scores, financing, etc? Can you afford a couple hours to learn these answers and more? What are you doing on Wednesday May 13, 2009 @ 6:30 pm?

Ryan Hill Realty will be sponsoring a 1st Time Home Buyers Seminar from 6:30 – 9:00 pm that evening at the Naperville Municipal Center, 400 S. Eagle St, Naperville, IL. Topics that will be addressed by guest speakers will include:

  • Learn about the home buying process, terms, details and review the various real/estate home options
  • Find out about the 1st time home buyer tax incentive and what the qualifications are.
  • Review the latest mortgage and lending programs available.

Attendees can sign up for various sponsor raffles as well as a drawing for a 5 day, 4 night Cruise For Two* donated by Ryan Hill Realty. (Winners must be present at time of drawing.)

Contact me for free tickets!

For reservations, you can call 630.897.2165 x258. Or email me. 

$10/person | $15/couple. No Refunds.

All proceeds are for the benefit of Hesed House, Aurora, IL.

Click here for event flyer.

On Friday, March 13, 2009 President Obama signed the FY2009 Omnibus Appropriations Act that permanently prohibits banks from entering the real estate brokerage and management businesses. This ended an 8 year battle by the National Association of Realtors to preserve the separation between the real estate industry and the financial services industry. The main thrust of NAR’s argument was that to allow the combination of the two would have been anti-consumer and anti-competitive in that too much power would have been concentrated in the financial services sector. 

Do you agree, disagree? What are your thoughts. Myself, I applaud the decision. The industry is unique in its highly competitive yet necessarily cooperative nature. Agents and companies will compete fiercely for the right to list and market your home and for the right to represent buyers that are qualified to purchase your home. Yet once an agreement is negotiated, there is a high degree of cooperation to ensure that buyer and seller complete a transaction that is satisfactory to all. In that spirit of cooperation there is integrity and fiduciary responsibility to one’s client (above all), yet cooperation to conclusion. Multiple Listing Services are the epitome of cooperation. Open MLS’s? a future post on this subject.

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