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.
Naperville 7-Day Market Stats
Here is a new presentation of Naperville Market Statistics that includes information not available in the charts. Tables are included for both single family homes and condos/townhomes. A key measure noted in this table is Homes Absorbed, a measure of how quickly inventory moves off the market. Of more interest is how it compares to Newly Listed. In this weeks numbers we see that Newly Listed outpaced Homes Absorbed by 3:2. Activties at that level will act as deterrent to pricing increases as it raises inventory levels giving sellers more competition and buyers more options.
Single Family
Townhome/Condominium
As you can see from the table below, the ratio in these properties is more nearly 1:1. This indicates a level of balance in the market with supply and demand being relatively equal.
Naperville housing statistics – thru June 2009
Naperville Housing
The numbers are in for the end of June and are continuing to improve. Numbers released this morning show that nationally, pending sales in May increased for the fourth month in a row (source Inman News), with impetus coming from lower prices and the first time buyers credit. 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, 45 vs 26, up 70.7%. This is a trend that we have noted for the last four months and is indicative of a healthier market. There are good values out there and buyers are taking advantage of them.
Median Price , $314.7k vs $307k – an increase of 11.6%. This metric started climbing in late April, and is usually related to increased demand in the marketplace.
Average Units for Sale of 1,645 vs 1,473 or an increase of 11.6%. The recent trend had been steadily climbing since early February until a flattening in April. This number has leveled out since early April – lower indicating a consistent level of available units.
Units Sold has continued to climb on a weekly basis. The current average of 32 vs 18 in the previous 12 week period is an increase of 72.1%, possibly indicative of renewed confidence in the market.
Market Action Index is still around the 9 mark which is indicative of a Buyers Market. (Neutrality is when the mark is around 30). 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.
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 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.
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.
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.
