Naperville November home sales continue strong.

There has been a significant amount of news coverage lately on home sale statistics. The Illinois Association of Realtors (IAR) recently announced record sales levels for October. On a more local level we are continuing to see the seasonal effect typical of this time of year, although market activity remains strong over the same period a year ago.

This report focuses on single family home activity in Naperville. Other posts will focus on townhome and condo activity in Naperville and Aurora. If you want to drill down even more, detailed reports are available by zip code. Just click the button to the right and indicate in what area you want additional information. It will be emailed to you promptly.

Last 12 Weeks vs Previous 12 Weeks: (Source -Terradatum/MRED, LLC). Numbers shown are based on single family data. Contact me for further individual breakdowns.

Homes Under Contract, 20 vs 29, down 16.9%. We have seen a bit of a slowdown in homes going under contract. This is typical of the seasonal nature of real estate. This is the first down month after 7 consecutive months on the uptick. Homes Sold went from 29 12 weeks ago to 20 or a decrease of 32.7%. Again, this is not unusual give the time of year. On a year over year basis, Homes Sold are up 16.2% over the same period one year ago. That is good news for the long term.

Continuing the trend started last month, Homes For Sale decreased almost 17% from 1090 to 907. With fewer homes on the market, we should begin to see some stabilization in pricing.

Median Price for Homes Sold in November 09 is down 5.2% from $408,210 to $387,162 This change is probably more a function of which properties are selling . The median for Homes Under Contract however, dropped from $424,462 to $405,554 – a decrease of 4.5%. Median List Price remained relatively flat: $489,400 vs $491,217.

The Market Action Index is broken out by market quartiles this month and reflects different activity levels for each market segment. The lower priced homes have seen the most stability in activity, tier two the second most, and so on. the high end luxury market continues to move at the slowest pace. For more detailed information, send an email request with your specifics or complete the Report Request and it will be emailed to you shortly. And, as always, feel free to share this information with others.

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Aurora Condo and Townhome market report

New this month – Market Report on Condos and Townhomes in Aurora. This will be following the same format as the monthly single family homes report but will focus on this segment of the market. Industry news in recent weeks has included the expansion and extension of the Home Buyer’s Tax Credit. Essentially, the program for first time buyers requires a contract date no later than April 30, 2010 and a close date no later than June 30, 2010. The amount is 10% or a maximum of $8,000. Income limits have been adjusted upward so more people may be eligible. Existing homeowners (not just upgraders) who have owned and lived in their home for five consecutive of the last eight years may be eligible for up to $6,500. This chart has a good summarization of the changes. And for a Frequently Asked Questions or FAQ, go here.

Data comparisons* are made for the current 12 week period vs the previous 12 weeks.

Homes Under Contract, 13 vs 10, or an increase of 30%. This upward trend has been steadily continuing over the last several months and continues into the fall months. Homes Sold remained steady – 11 vs 11. They have been at this level on a continuous basis since early June, 2009, indicating a relatively stable market.

Continuing a trend that  started in July, Homes For Sale decreased 9% from 610 to 558. This continued reduction in inventory bodes well for stabilization in pricing and competition in the marketplace.

Median Price for Homes Sold in October 09 is down less that 1% from $152,167 to $151,288 – an insignificant change. The median for Homes Under Contract however, dropped from $162,575 to $150,896 – a decrease of 7.2%. Median List Price dropped 2.5% from $162,262 to $158,171. All three pricing metrics have been gradually declining over the past 6 months.

Condos and Townhomes in Aurora, IL

These stats are also available on an individual zip code basis. Contact me to take a closer look at your particular area. Or request your own customized report and it will be emailed promptly.

Naperville single family homes show signs of leveling

Washington is on the verge of passing legislation extending and expanding the Housing Tax Credit. Key dates to remember are purchase agreement signed by the end of April 2010 and closing by the end of June 2010. All indicators are that the credit so far has provided the sought after stimulus it was designed for and this extension and expansion is expected to drive further activity. There are other factors that continue to play and at a recent economic forecast breakfast hosted by the Naperville Chamber of Commerce, key indicators seem to point to a recovery more so in the 2^nd quarter of 2010 and beyond. Continued higher unemployment and tight lending for small business are slowing everything down.

This month’s market statistics report will focus on single family homes in all of Naperville. If you want zip code specific breakdowns fill in your info in the table to the right to have a report emailed to you. Or select the community of interest from the menu bar above. Look for a follow up post on condos/townhomes.

Last 12 Weeks vs Previous 12 Weeks: (Source -Terradatum/MRED, LLC). Numbers shown are based on single family data. Contact me for further individual breakdowns.

Homes Under Contract, 29 vs 24, down 17.2%. We have seen a bit of a slowdown in homes going under contract. This is typical of the seasonal nature of real estate. This is the first down month after 7 consecutive months on the uptick. Homes Sold went from 29 12 weeks ago to 26 or a decrease of 10.3%. Again, this is not unusual give the time of year.

Continuing the trend started last month, Homes For Sale decreased almost 14% from 1,134 to 976. With fewer homes on the market, we should begin to see some stabilization in pricing.

Median Price for Homes Sold in October 09 is down 1.6% from $409,038 to $402,418 – an insignificant change. The median for Homes Under Contract however, dropped from $429,466 to $414,412 – a decrease of 3.5%. Median List Price remained flat: $491,859 vs $492,067.

The Market Action Index is broken out by market quartiles this month and reflects different activity levels for each market segment. The lower priced homes have seen the most stability in activity, tier two the second most, and so on. the high end luxury market continues to move at the slowest pace. For more detailed information, send an email request with your specifics or complete the Report Request and it will be emailed to you shortly. And, as always, feel free to share this information with others.

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Naperville's local market trends

Just how “hyper-local” is the Naperville real estate market?  As I have been watching the statistics over the past several months it has become apparent that it is very local. Many of you receive my free monthly reports from Altos Research that show the trends in your particular zip code. And some numbers are up and some are down. What is interesting is how they vary by zip code in Naperville. The chart below reflects the trend in Median Price, by zip, over the past 12 months:

As you can see, the central part of town, 60540, has seen the sharpest drop in Median Price while the southeast, 60565 has remained the most stable. If you are interested in seeing how this drills down to the subdivision level, drop me an email or give me a call and let me know what area you want to view.  And as always, you can request your free reports here.

Naperville Home Sales for September

The latest buzz in the housing market is the efforts in Washington to extend the Home Buyer’s Tax Credit. Just this week several local politicians announced their support for expansion and/or extension. Meanwhile, here in Naperville, the numbers are in for the end of September. And market momentum is continuing. Shown below are summary stats for all of Naperville. If you want zip code specific breakdowns fill in your info in the table to the right. AS promised last month, the issue of Shadow Inventory was discussed in another post.

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, 36 vs 40, up 8.5%. The trend continues, now in its seventh consecutive month here in Naperville. There are good values out there and buyers continue to advantage of them.

Median Price for Homes sold in Sept 09 is down 2.1% over the same period one year ago, and -5.7% over Sept 07.  At the same time, Average Price is -8.7% over Sept 08, but up 4.1% over Sept 07.

Reflecting a seasonal trend, the number of Homes for Sale is down 4.6% for the current 12 week period over the previous 12 weeks – a typical occurrence for this time of year. Homes Under Contract is down a similar level -4.4%.

Units Sold has flattened out this period which is typical from a seasonal perspective.. The current average of 40 vs 36 in the previous 12 week period is an increase of 8.5%. 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 to a point where it is exceeding last years level!  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 For the sixth 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 decreasing as more homes are absorbed and pending sales continue to be stable..

Note: If you would like to be updated regularly on housing statistics in your area, enter your info in the block to the right.

New Look for Naperville Market Stats

There is a new look to the Market Stats charts for Naperville, IL. The flash charts shown below allow you to look at different time frames, hover over data points to get detailed information and more. Play with them, change the view period (top left), move the sliders (bottom right) to select different ranges, or hover over a data point to see the details. Don’t forget to peek at the Inventory bar graph to see how that is tracking with the graphed stats.

Play with them and please, let me know what you think. (And if I am getting too geeky with the stats, let me know that too!)

All Naperville, Single Family Homes

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Adjust the slide bar above to change the view period.

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Naperville, 60540 Single Family Homes

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Adjust the slide bar above to change the view period.

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Naperville, 60563 Single Family Homes

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Adjust the slide bar above to change the view period.

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Naperville, 60564 Single Family Homes

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Adjust the slide bar above to change the view period.

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Naperville, 60565 Single Family Homes

[kml_flashembed movie="http://www.altosresearch.com/altos/widgets/AltosChart.swf" height="400" width="600" fversion="9" useexpressinstall="true" fvars="st = IL ; c = NAPERVILLE; z = 60565 ; ts = z ; pai = 52577180 ; q = a ; mini = median_inventory ; datahost = data.altosresearch.com ; datahostssl = false ; rt = sf ; s = mean_dom:l,median_price:r ; ra = c ; ihr = false ; fc = false ; rf = xml ; u = tonylazz ; p = aes_enc::BojMsH5VOSeZzqFUwfX2ow==" /]

Adjust the slide bar above to change the view period.

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New Look for Lisle, Il Market Stats

There is a new look to the Market Stats charts for Lisle, IL. The flash charts shown below allow you to look at different time frames, hover over data points to get detailed information and more. Play with them, change the view period (top left), move the sliders (bottom right) to select different ranges, or hover over a data point to see the details. Don’t forget to peek at the Inventory bar graph to see how that is tracking with the graphed stats.

Play with them and please, let me know what you think. (And if I am getting too geeky with the stats, let me know that too!)

Lisle, 60532 Single Family Homes

[kml_flashembed movie="http://www.altosresearch.com/altos/widgets/AltosChart.swf" height="400" width="600" fversion="9" useexpressinstall="true" fvars="st = IL ; c = LISLE ; z = a ; ts = z ; pai = 52577180 ; q = a ; mini = median_inventory ; datahost = data.altosresearch.com ; datahostssl = false ; rt = sf ; s = mean_dom:l,median_price:r ; ra = c ; ihr = false ; fc = false ; rf = xml ; u = tonylazz ; p = aes_enc::BojMsH5VOSeZzqFUwfX2ow==" /]

Naperville Market Stats – August continues upward

We have been hearing good statistics from all the national reports on housing lately. The consensus is that the housing recovery has started and may be gaining strength. Here in Naperville, the numbers are in for the end of August. And market momentum is continuing. Shown below are summary stats for all of Naperville. If you want zip code specific breakdowns they are also available. Of recent interest is the talk of “shadow inventory” in the foreclosure market and the impact that may have on local markets. Look for a post on that subject later this week.

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, 42 vs 38, up 9.6%. The trend continues, now in its sixth consecutive month here in Naperville. There are good values out there and buyers continue to advantage of them.

Median Price , $357.5k vs $301.4k – an increase of 18.6%. This metric started climbing in late April, and is related to increased demand in the marketplace. This represents the fourth month in a row of double digit growth in Median Price.

Average Units for Sale of 1,636 vs 1,638 – or a relatively stable inventory. We had been starting to see a decline in the weekly numbers over the past 10weeks. This is not an atypical occurrence given the time of year and all, but one does wonder what is typical in today’s market.

Units Sold has continued to climb on a weekly basis. The current average of 41 vs 29 in the previous 12 week period is an increase of 40.1%. The continued change in this metric is a measure of strength in the market. And it is not just foreclosures that are selling!

Single family slightly ahead of condo townhome

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 fifth  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.

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.

Naperville Absorption Rate Update

Absorption rate – How quickly is the market absorbing those homes that are for sale? How much inventory is out there? If I am selling, how long will my house be on the market. Here is what the numbers are for Naperville as of Mid-August:

At the current rate of sales we have almost 16 weeks of inventory on the market, according to the standard calculation. If that is true, why are DOM (Days on Market) more in the 7-8 month range? Here is where I look at Net Absorption rate: Inventory/(Homes Absorbed – New Listings). This calculation yields a number in the 8.5 months rage which tracks with the DOM.

In answer to the question posed above regarding how long one could expect to have on the market, the answer, for an average home in the current market is around 8.5 months. Not average? Want to sell quicker. Look for my next post on how to prepare your home for selling in today’s market.

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.