How Many Homes are Really For Sale in Naperville?

You are starting to look for a home – a home in Naperville: First time home buyer, upgrade buyer, transferee, or maybe just curious about what current prices are. So you go to the web to start. (According to NAR surveys, 90+ per cent of all home searches start on the web.) You find something you like. Ok, have to register and email the Realtor to get in to see the home. The Realtor either calls back or emails and tells you, “Sorry that home is A. under contract, B. not on the market yet, C. when would you like to see it?”

Sound familiar? Why is that? What sites are really accurate? Where should you search? Well, the choice is up to you, but for test purposes we did a comparison on March 5, 2012 of the major search sites. There are startling differences. Here are the results for a search for Single Family homes, in Naperville Il. We will follow the results with our understanding as to why the differences.

Before the full explanation, a little more background information will help frame this discussion properly. The pool for all listed properties is the Multiple Listing Service, in this case MLSNI. The totals include properties that are Active and Contingent. (Contingent means under contract but there are stipulations that must be satisfied prior to closing. These include attorney review, inspection, financing, etc. Technically Contingent properties are still for sale until they actually close – deals can and do fall apart.)

From this pool, Realtors (this site and others similar), Brokerages (Baird & Warner), and Syndicators (Trulia, Zillow, Redfin, etc) have a pipe from the pool to receive the data that is available on their search site. There are variations in how frequently their individual data pipes are updated and how they choose to display the data. This timing explains the minor variations in some of the sites above.

Then why the larger variations in the other sites? There are a couple of reasons. First, the Syndicators pull in data from other sources including websites that specialize in foreclosures and pre-foreclosures, and For Sale by Owners. These properties, many of which are not on the market and may not ever come on the market, are often included in their initial search results. Note: if you choose to dig around in the search options you can find ways to separate these results out.

Lastly, is data accuracy. Properties that are sold and closed frequently continue to be shown as available on Syndication sites months after they were taken off the market. Why are they still shown? Good question. But it happens, and it happens frequently.

So, what does all this mean? That is up to you, the home searcher. In this author’s opinion, the most accurate data you can get (if you are not an MLS member) is from a Realtor site or a Brokerage site. Whatever tool you choose to use, make sure you familiarize yourself with all the search option settings so you know what results you are getting. Happy Searching! Oh, by the way, feel free to check the Search options on this site. Thanks!

365Naperville – Free Museum Adventure Pass

Did you know that Naperville Public Library cardholders could receive free admission to 14 exciting museums and cultural institutions throughout the Chicago area?

The Macy’s Museum Adventure Pass program provides free admission to unique cultural destinations throughout the Chicago area to library card holders at over 140 suburban public libraries. This special opportunity is made possible by a generous contribution from Macy’s, the participating cultural organizations, and the DuPage, Metropolitan, and North Suburban Library Systems.

There are some restrictions and limitations.  You can check out the details here.

National Housing Forecasts and Naperville

Prognosticators and predictors at the national and state levels are becoming bolder & more bullish on their views of housing forecasts for 2012. Credit standards are being loosened, and pending home sale contracts are up again. Some of the hardest hit markets nationally (Phoenix for example) are seeing incredible levels of activity and rapidly shrinking inventory levels.

Housing Crisis to End in 2012 as Banks Loosen Credit Standards from DSNews.com

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”

In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.

I don’t know about you, but I am wondering how good a loosening of standards is for the recovery, at this point in time. After all, lower lending standards and “creative” loan products created a higher level of  demand for homes by increasing the available pool of buyers – a house of cards if you will. And we all know what happened to that! (Note – mini rant and editorial comment).

Double Gains for the PHSI in January - from Chicago Agent Magazine

Quoting Lawrence Yun, Chief Economist for NAR,

According to the latest data from NAR, the PHSI rose 2.0 percent from 95.1 in December to 97.0 in January. The index is 8.0 percent year-over-year, when it was 89.8 in January 2011, and it the highest since April 2010, when the home buyer tax credit pushed the index to a post-bubble high of 111.3.

Lawrence Yun, NAR’s chief economist, said positive factors in the wider economy have aided housing.

On a more local level, here is a quick view of DuPage County numbers:

It is good news that Inventories are down around 46% from their highs in July of 09: Less inventory should lead to greater demand. Meanwhile, Median Sale Price has been inching upward since the end of the third quarter of 2011. So, locally, some good signs. Will they continue? Have we reached the bottom, or is the bottom already behind us? Hard to say, but the signs are good. Next week we will take a look at Naperville’s February numbers.

365Naperville – #172 – Upcoming Performances at North Central College

North Central College’s Fine Arts Programs has a variety of events coming up in the next few weeks to suit a wide range of musical tastes. Here is a brief synopsis of some of the programs with links to click thru for details and tickets. Enjoy!

Joan Curto Sunday, February 26, 2012 @ 6:00 pm

Come listen to Naperville resident and acclaimed cabaret singer Joan Curto as she performs selections from her Great American Songbook program.

Called a “cabaret icon” by NBC news Chicago, Curto has established herself as one of the top performers in Chicago, winning the Chicago After Dark Award for Outstanding Cabaret Artist. Garnering a reputation for her thoughtful interpretations of the American Songbook, she performs regularly at venues throughout Chicago, including Harris Theater, Drury Lane, Thorne Auditorium and Maxim’s, and nationwide at New York’s Jazz at Lincoln Center and Gardenia in Los Angeles. The Chicago Tribune has praised Curto’s work, describing her as a “seasoned interpreter who makes every note count.”

The performance begins at 6 p.m. Sunday, Feb. 26, in North Central College’s Madden Theatre at the Fine Arts Center, 171 E. Chicago Ave., Naperville. Tickets are $35 and $25; call the North Central College Box Office at 630-637-SHOW (7469) or visit northcentralcollege.edu/showtix.

Béla Fleck and the Flecktones Saturday, March 3, 2012 @ 8:00 pm

Groundbreaking banjoist/composer/bandleader Béla Fleck has reconvened the original ‘Béla Fleck & The Flecktones’, the extraordinary initial line-up of his incredible combo. Rocket Science marks the first recording by the first fab four Flecktones in almost two decades.ar from being a wistful trip back in time, the album sees the Grammy Award-winning quartet creating some of the most forward thinking music of their long, storied career. While all manners of genres come into play – from classical and jazz to bluegrass and African music to electric blues and Eastern European folk dances – the result is an impossible to pigeonhole sound all their own. Simply put, it is The Flecktones, the music made only when these four individuals come together.

Venue: Wentz Concert Hall, 171 E. Chicago Ave., Naperville IL
Ticket Information:  Price Level 1 – $80, Price Level 2 – $70. A $2 per ticket convenience fee applies to online purchases.

Air Supply Sat., March 31, 2012 at 8:00 pm

Naperville Market Report January 2012

There is no doubt about it. Homes are selling in Naperville at a pace not seen in several years. inventories are coming down and it appears a level of balance is nearing in the market in terms of months supplies of inventory. All numbers below are comparing January 2012 with January 2011 as reported by Terradatum on activity in Northern Illinois Multiple Listing Service, unless identified otherwise.

Bank Owned Homes

Homes Sold more than doubled to 23 from 9 a year ago. And those Under Contract jumped to 30 from 13. As a result, Inventory of available properties dropped to 122 from 153. Months Supply of Inventory dropped to 2.6 months, down from 9.7 a year ago. Roughly 1/3 of the homes under contract in Naperville are bank owned, while 16.2% of those For Sale are bank owned.

Non-Bank Owned Homes

Homes Sold were relatively flat at 36 vs 35 a year ago. And those Under Contract jumped to 61 from 50, an increase of 22%. Inventory of available properties dropped to 633 from 752. Months Supply of Inventory dropped to 8.3 months, down from 12.3 months a year ago.

Overall, Naperville single family homes stand at 6.4 months supply: Traditionally 6 months inventory is viewed as a balanced market favoring neither buyer or  seller.

Median Pricing

Prices on Bank Owned homes Sold are down about 20% from a year ago but somewhat consistant with those of 3rd and 4th quarter of 2011. The current Median is $265,000 for sold and $284,450 for those under contract. For traditional sales, Median Sold was at $356,250 and Under Contract at $384,900, both down around 8% from same period 1 year ago. These prices are also consistant with the trend established in late 2011.

Stats as of January 27, 2012

365Naperville – #171 Valentines Specials

It’s almost here! Are you planning something special to celebrate with that certain someone? Here are a few ideas from some of Naperville’s merchant community. Check them out!

MESON SABIKA
1025 Aurora Avenue | Naperville, IL 60540 | 630.983.3000 | www.mesonsabika.com

Guests who make their Valentine’s dinner reservations will be entered into a drawing to win a romantic complimentary dinner for two. Winners will be surprised with the complimentary dinner upon arrival to reservation. Reservations must be made a minimum of 24 hours in advance in order to be entered into the drawing. Valid for dinner reservations only on Friday, Saturday and Sunday nights during Valentine’s Day weekend. One drawing per day.  A special Valentine’s Day menu, priced at $29.95 per person will be offerred.

LA SORELLA FIVE DAYS OF VALENTINE!
Feb. 10, 2012 – Feb. 14, 2012 

Francesca’s restaurants locations are celebrating Five Days of Valentine Friday, February 10 through Tuesday, February 14. During these five days, Francesca’s will feature a heat-shaped Pizza con Prosciutto e Rucola, arugula, lemon, olive oil, roasted plum tomatoes, mozzarella and Prosciutto di Parma, for $11.99. They will also feature the festive Ravioli Tartufati, heart-shaped pasta with a garlic Parmesan cream sauce, fresh tomatoes and a drizzle of white truffle oil for $16.99.

COLDWATER CREEK THE SPA – VALENTINES DAY GIFT CARD PROMO!
Feb. 01, 2012 – Feb. 14, 2012 

Buy a $100 gift card and receive a coupon for a complimentary enhancement up to $20.

HEART OF DOWNTOWN! Feb. 10, 2012 – Feb. 20, 2012 
website: http://www.downtownnaperville.com

You buy, local charities benefit! Purchase at the following participating businesses from Feb 10-20 and you decide where a portion of what you spend should be directed. Charities include: Little Friends, Loaves & Fishes Community Food Pantry, 360 Youth Services, Samaritan Interfaith, Naperville CARES & the Naperville Area Humane Society!

Shop at THESE businesses & MENTION Heart of Downtown for your charity to benefit. Businesses include:

• Abyhaasa Yoga (at Jefferson & Webster)
• Andersons Bookshop
• Artistic Creations Salon
• Baubles by Maclyn
• Beidelman Furniture
• Fitness Experts
• Giordanos – on Main
• Its A Bling Thing
• La Sorella di Francesca
• SaraBoo Creek
• Twisted Olive
• Two Doors East
• Two Bostons Pet Boutique

HEAVEN ON SEVEN – VALENTINES DINNER! Feb. 14, 2012 
5-10PM

Nothing says lovin’ like a hot cup of Gumbo, so bring your honey on over for our special Four Course Dinner for Two for $50 per couple plus complimentary roses for the ladies.

This is by no means a comprehensive list. If you know of others, feel free to add them in the comments! Happy Valentines Day!

Bacon Pancakes – Why Not?

Naperville Condo & Townhome Market Report – January 2012

In our post last December, we reported on mixed results for the condo and townhome market in Naperville. After looking at the January 2012 numbers, there is cause for optimism, provided the trend continues. Let’s take a quick look at the numbers* versus January 2011:

• Bank owned properties as a % of all sold is at 27%, down from 52%
• Months Supply of inventory (MSI) – Bank Owned at 5.2 months vs 18.5 months
• Months Supply of inventory (MSI)  - Traditional at 7.2 months vs 29.9 months
• Months Supply of inventory (MSI)   – Overall at 6.6 months vs 18.5 months

Remember, in balanced market (one that favors neither buyers or sellers) there is about 6 months of inventory.

• Units Sold Bank Owned – down 4%, Under Contract – flat
• Units Sold Traditional – up 50%, Under Contract – up 200%
• Units Sold Overall – up 23.5%, Under Contract – up 95.7%

Finally, how about pricing? For this metric we are looking at those properties that are Under Contract as they normally reflect the most recent purchases. Prices are based on the Median.

• Bank Owned – up 36.2%
• Traditional – up 7.6%
• Overall – up 27.9%

In summary, Inventories in this market segment are at what is traditionally viewed as a balance point, Units Sold and Under Contract are up significantly over a year ago, and Median Prices are up. And, as a final measure, the percentage of Bank Owned properties is down significantly.

*Numbers are taken from Terradatum and are based on closed MLS statistics.

The table below shows key measures as of January 27, 2012.

The above statistics are for attached properties in Naperville. The numbers and trends can and do vary for different areas in the same town (zip code). The same information is also available for Lisle, Aurora, Plainfield and Oswego.  Give us a call at 630-718-2305 or drop us an email with your request. Additionally, you may have reports emailed directly to you for the zip code area you want to explore.

365Naperville – #170 Naperville Chamber of Commerce Events

I was scanning the Naperville Chamber of Commerce calendar today and a couple of events caught my eye.

Special Membership Luncheon with Tom Ricketts, Chairman, Chicago Cubs

Monday, February 13, 2012, 11:30 a.m.-1 p.m. at the Hilton Lisle/Naperville, located at 3003 Corporate West Drive in Lisle. What an opportunity to hear from the top where the Cubs are headed. With a new management team, OperationsPresident, including General Manager, and Manager and a significant changes in players, this is sure to be an interesting presentation.

Tickets for the event are $25 for Members, $30 at the door, and $35 for nonmembers. To register or for more information, visit the Chamber’s website,www.naperville.net, contact Lisa Spaeth at 630-544-3365, or the Chamber at 630-355-4141.

Annual State of the City Address with Mayor A. George Pradel

Monday, Feb. 27. The event will be held from 7:30 to 9 a.m. at the new Marriott hotel at the corner of Diehl and Naper Blvd.

Tickets for this special breakfast meeting are  $30 for Members and $40 for nonmembers.   To register or for more information, visit the Chamber’s website,www.naperville.net, or the Chamber at 630-355-4141.

365Naperville – #169 Sled Hills, Hockey and more

Sled Hills, Hockey and more

The Naperville Park District operates and manages several sled hills, a snowboard hill, hockey and ice skating rinks. For obvious reasons, these outdoor locations are weather dependent and may not be open at all times. The following information is reprinted from the Park District website and relates to their rules and regulations for use of the hills.

“Riverwalk Sled Hill at Rotary Hill

This location provides sledding fun for the entire family! Sledders need to bring their own inner tubes or plastic sleds. Wooden sleds and metal-runner sleds are not permitted. Please note that sledders assume full risk and responsibility for determining that all conditions are safe for sledding. Parent/adults are responsible for supervising their children 8 years of age and younger.

Rotary Hill closes at 9:00 p.m. except on Fridays and Saturdays when it remains open until 10:00 p.m. The sled hill is open from Dec. 1-Feb. 1, weather-permitting.

Sledding Rules & Regulations
Sled hills will open when the soil is frozen and there are two or more inches of snow with no visible grass.

When sledding, remember:
- Keep your sled under control
- Avoid sledders and objects
- Move quickly out of the path of other sledders
- Climb uphill along the side of the slope
- Children ages 8 and younger must be supervised by an adult
- Only inner tubes and plastic sleds are allowed. Toboggans and sleds with metal runners are not permitted
- No more than 2 people are permitted on a sled at one time
- Violation of posted rules will result in suspension from the sled hill and/or a fine

Ice Rink and Sledding Conditions
For current information regarding conditions at these locations, please visit our home page at www.napervilleparks.org or call 630-848-5000.”

Locations for sledding are listed as:

• Arrowhead Park
• Brooks Crossings
• Country Lakes Park
• Gartner Park
• May Watts Park
• Old Plank Park
• Riverwalk Sled Hill at Rotary Hill (near the Millennium Carillon)

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