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Naperville, IL Real Estate Market Conditions

Naperville Market Stats No Responses »
Apr 062010

New feature on MyNapervilleHomesBlog - Weekly Condo/Townhome report. Check out the current numbers for the past 7 days below.

7-day stats for Condo properties in
NAPERVILLE, IL as of April 2, 2010
Median List Price $189,900 Average List Price $227,403
Total Inventory 592 Price per Square Foot $146
Average Home Size 1,271 Median Lot Size n/a
Average # Beds 2.17 Average # Baths 2.04
Homes Absorbed 22 Newly Listed 27
Days on Market 258 Average Age 18

As you can see, inventory continues to rise as more units are coming on the market than are being absorbed.

Median Price for homes in NAPERVILLE, IL All ZIP Codes

Median Price for homes in NAPERVILLE, IL All ZIP Codes as of April 2, 2010 is $189,900
Inventory for homes in NAPERVILLE, IL All ZIP Codes

Inventory for homes in NAPERVILLE, IL All ZIP Codes as of April 2, 2010 is 592
Average Days on Market for homes in NAPERVILLE, IL All ZIP Codes

Average Days on Market for homes in NAPERVILLE, IL All ZIP Codes as of April 2, 2010 is 258
Median Market Action Index for homes in NAPERVILLE, IL All ZIP Codes

Median Market Action Index for homes in NAPERVILLE, IL All ZIP Codes as of April 2, 2010 is 11.70

For Zip Code level detail, check out the Market Stats, Condo/Townhome tab above for greater detail on the Naperville market

Posted by Tony Lazzari at 11:45 pm Tagged with: , , ,

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.

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Posted by Tony Lazzari at 1:53 pm Tagged with: , ,

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

house2New 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.

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Posted by Tony Lazzari at 3:29 pm Tagged with: , , ,

Naperville Condo and Townhome Market Report

Around Naperville, Government Housing Programs, Real Time Market Statistics No Responses »
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.

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Posted by Tony Lazzari at 2:14 pm Tagged with: , , , , ,
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