Naperville housing stats thru May 2009
The numbers are in for the end of May and are continuing to improve. While the national numbers have not come out yet, our concern is more local, and from that perspective the Naperville market momentum is continuing. 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. Contact me for further individual breakdowns.
Homes Under Contract, 40 vs 22, up 84.5%. This is a trend that we have noted for the last three months and is indicative of a market regaining its health. There are good values out there and it seems buyers are taking advantage of them.
Median Price , $305k vs $299.9k -an increase of 1.9%. While volume in May is up vs April. This is the first monthly uptick in a while that we have seen in this number. One of the reasons may be the slight decrease in homes available as shown below.
Average Units for Sale of 1,608 vs 1,429 or an increase of 12.1%. The recent trend had been steadily climbing since early February with a flattening in April. This number has moved slightly downward since mid-April – lower inventories could be the cause of the slight upturn in prices we have seen.
Units Sold has continued to climb on a weekly basis. The current average of 28 vs 16 in the previous 12 week period is an increase of 69.2%, possibly indicative of renewed confidence in the market.
Market Action Index is still hovering around the 10 mark (with a slight upturn) which is indicative of a Buyers Market. (Neutrality is when the mark is around 30).
Summary Again, for the third month in a row the Naperville market continues to show signs of recovery. Homes are going under contract and closings are increasing. Inventories are stabilized to slightly down.
Note: If you would like to be updated regularly on housing statistics in your area, just drop me an email and the data will be sent to you automatically.
With the new tax incentives, now is the time to purchase in Naperville. If you have a solid financial and job history, are a first time homebuyer, the tax incentives will benefit you greatly. Considering the ROI for Naperville homes when this economy corrects, this is a buyers opportunity of a lifetime.