Naperville market stats continue to improve
The numbers are in for the end of July and are continuing to improve. Numbers released in the past week show that nationally, we may be starting to recover from the housing crisis. Sales of existing homes were up again in June 3.6% over the prior month, yet still slightly lower than a year ago. Our interest though 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, 44 vs 35, up 25.4%. The trend continues, now in its fifth consecutive month. There are good values out there and buyers are taking advantage of them.
Median Price , $346.9k vs $297.6k – an increase of 16.5%. This metric started climbing in late April, and is usually related to increased demand in the marketplace. This represents the third month in a row of double digit growth in Median Price.
Average Units for Sale of 1,657 vs 1,595 or an increase of 3.9%. We are starting to actually see a decline in the weekly numbers over the past 6 weeks. This is inventory reduction and helps sellers strengthen their position with less competition.
Units Sold has continued to climb on a weekly basis. The current average of 41 vs 25 in the previous 12 week period is an increase of 66.1%. The continued change in this metric is a measure of strength in the market. And it is not just foreclosures that are selling!
Market Action Index has climbed close to 11 which is still indicative of a Buyers Market. (Neutrality is when the mark is around 30) but a 22% jump from the previous level. With several months of inventory available at the current sales rate, buyers should still find ample inventory. For sellers, properties need to be in the best possible condition to get the market’s attention at their price point.
Summary Again, for the fourth month in a row the Naperville market continues to show signs of recovery. Homes are going under contract and closings are increasing. Inventories are up slightly as are pending sales.
