Naperville Housing Stats thru April
The numbers are in for the end of April and are continuing to improve. This morning, Reuters and others reported on the latest national housing market stats. Pending Sales are up for the second month in a row. On a more local level, the Naperville housing market continues to build momentum. Shown below are summary stats for all of Naperville. If you want zip code specific breakdowns they are also available.
Last 12 Weeks vs Previous 12 Weeks: (Source -Terradatum/MRED, LLC). Numbers shown are based on single family and townhome/condo data combined.
Homes Under Contract, 34 vs 19, up 85%%. The trend we noted last month seems to be continuing There are good values out there and it seems buyers are taking advantage of them.
Median Price , $298.4 k vs $328.1k or a drop of about 9.1%. While volume in April is down vs March, the rate of decline is slower than it was in the previous period.) April usually has a “Spring Break” impact in Naperville – less volume.)
Average Units for Sale of 1,535 vs 1,443 or an increase of 6.4%. The recent trend has been steadily climbing since early February although the weekly number has been relatively flat during April. Higher inventories usually mean more options to choose from for buyers and more competition for sellers.
Units Sold has continued to climb on a weekly basis. The current average of 23 vs 17 in the previous 12 week period is an increase of 31%, possibly indicative of renewed confidence in the market.
Market Action Index is still hovering around the 10 mark which is indicative of a Buyers Market. (Neutrality is when the mark is around 30).
Summary The Naperville market continues to show signs of recovery. Slight variations in Median Price on a period by period basis are more a function of what units sold in that period and not necessarily indicative of a declining market. Has housing bottomed out? I think what we are seeing is a new level in the market – a return to some semblance of reality in values and volume. Just my thought but the numbers on a local and national basis seem to support improving confidence.
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Great analysis and insight, thanks!
Feel free to check out the stats pages. They are updated every Monday. RSS feed available as well as free subscriptions. peace.