Naperville Condos & Townhomes show interesting 09 numbers
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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- House Prices Off To Strong Start In 2010 (news.sky.com)
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