Naperville Condo & Townhome Market Report – January 2012

In our post last December, we reported on mixed results for the condo and townhome market in Naperville. After looking at the January 2012 numbers, there is cause for optimism, provided the trend continues. Let’s take a quick look at the numbers* versus January 2011:

• Bank owned properties as a % of all sold is at 27%, down from 52%
• Months Supply of inventory (MSI) – Bank Owned at 5.2 months vs 18.5 months
• Months Supply of inventory (MSI)  - Traditional at 7.2 months vs 29.9 months
• Months Supply of inventory (MSI)   – Overall at 6.6 months vs 18.5 months

Remember, in balanced market (one that favors neither buyers or sellers) there is about 6 months of inventory.

• Units Sold Bank Owned – down 4%, Under Contract – flat
• Units Sold Traditional – up 50%, Under Contract – up 200%
• Units Sold Overall – up 23.5%, Under Contract – up 95.7%

Finally, how about pricing? For this metric we are looking at those properties that are Under Contract as they normally reflect the most recent purchases. Prices are based on the Median.

• Bank Owned – up 36.2%
• Traditional – up 7.6%
• Overall – up 27.9%

In summary, Inventories in this market segment are at what is traditionally viewed as a balance point, Units Sold and Under Contract are up significantly over a year ago, and Median Prices are up. And, as a final measure, the percentage of Bank Owned properties is down significantly.

*Numbers are taken from Terradatum and are based on closed MLS statistics.

The table below shows key measures as of January 27, 2012.

The above statistics are for attached properties in Naperville. The numbers and trends can and do vary for different areas in the same town (zip code). The same information is also available for Lisle, Aurora, Plainfield and Oswego.  Give us a call at 630-718-2305 or drop us an email with your request. Additionally, you may have reports emailed directly to you for the zip code area you want to explore.

Naperville Condo & Townhome Sales in 2011

And the 2011 Lists continue. Here we show the most active (in terms of sales) Condominium and Townhome developments in 2011. Shown below are the Top 10 Developments. In total, there were  MLS reported sales in the past year. If you would like to see the homes currently on the market for any development, click here.  Subdivision Map

And the overall numbers look like this:

An interesting anomaly – Foreclosed units listed and sold for a higher average price than Short Sales. Overall, approximately 30% of the market in 2011 was distressed sales: 19% Foreclosed, 10% Short Sales and almost 71% Normal sales.

Do you want information on your development or additional statistics on one of these? Drop us an email or give a quick call and tell us what you data you need. Chances are we can provide it quickly.

Hottest Single Family Subdivisions In Naperville 2011

It’s that time of year again – time for the housing performance lists. Shown below are the Top 25  Subdivisions for single family home sales in 2011. In total, there were 1,131 MLS reported sales in the past year. If you would like to see the homes currently on the market for any subdivision, click here.

2010 List                        2009 List               Subdivision Map

Do you want information on your subdivision or additional statistics on one of these? Drop us an email or give a quick call and tell us what you data you need. Chances are we can provide it quickly.

Naperville Attached Homes Market Analysis

Trends in Attached Housing in 2011

I suppose the analogy of how you look at a 1/2 glass of water is appropriate when one looks at the Attached Home (Condos & Townhomes) in Naperville in 2011: Is your glass half full or half empty? Here is our review of the numbers and perspective how we interpret them.

Months Supply of Inventory – (the measure of how long it would take the market to absorb all properties on the market at the current sales rate). This metric has shown steady improvement this year. January it was at 18.9 months – November saw it down to 11.9 months,  a 36% decrease. The trend is  similar for both bank owned and non-bank owned properties. Bank owned are at 7.1 months and non-bank 14.6. In a balanced market, favoring neither buyer or seller, we look for around 6 months inventory.

Sold Properties – Closely tied to MSI above, is Sold Properties. While the number of non-bank owned properties sold each month has increased by 75% from the start of the year, bank owned numbers have remained relatively flat at around 5/month.

Median Sold Price – Bank owned properties have seen a rise in median sale price over the  past 11 months: From $115k to almost $144k. This is positive considering the volume of properties available. On the other hand, non-bank owned have dropped about 10% in median sale price – $182.5k to $163.5k. Overall, median price has risen 6.2% to $154,000.

Median List Price- This measurement has remained flat for both bank owned and non-bank owned units. Median List for bank owned has remained at around $120k while non-bank owned has increased 3% to $175,000. As you can see, comparing to the numbers in theparagraph above, expectations of sale price and realities of sold price are quite different.

The above statistics are for attached properties in Naperville. The numbers and trends can and do vary for different areas in the same town (zip code). The same information is also available for Lisle, Aurora,Plainfield and Oswego.  Give us a call at 630-718-2305 or drop us an email with your request. Additionally, you may have reports emailed directly to you for the zip code area you want to explore.

Naperville Home Sales Report – November 2011

Single Family Home Sales Report November 2011

We have some interesting numbers for Naperville home sales activity this month (non-bank owned). On a statewide level unit sales were up sharply from the same period in 2010, while median price was down. Locally, Homes Sold (closed during the month) were identical to November 2010. Homes Under Contract dropped 13.3% and Homes For Sale declined 16.6%. The trends in fewer units sold and for sale is not unusual for this time of year. The Absorption Rate continues to hover around 11 months, still indicative of slower market.

Median Price for homes Under Contract is up 10.6% – the first solid move in this measure in the last 5 months and a plus for sellers. The Median Price gap between Under Contract and For Sale has improved slightly since last month. This continues to reflect the difference in buyer expectations and seller expectations. The good news is that the gap is being bridged and properties are selling.

*Source of above – MRED – Midwest Real Estate Data through November 2011.

On a 90 day basis the numbers for all Naperville Single Family homes look like this.

The above statistics are for single family homes in Naperville, non-bank owned. The same information is available for Lisle, Aurora,Plainfield and Oswego and for bank owned. Give us a call at 630-718-2305 or drop us an email with your request. Additionally, you may have reports emailed directly to you for the zip code area you want to explore.

Naperville Home Sales Report – October 2011

Naperville Single Family Home Sales Report September 2011

There has been good news lately in the press about home sales. www.MarketWatch.com reports that 3rd quater Illinois home sales (which include single-family homes and condominiums) totaled 29,644 in the third quarter, up 19.9 percent from 24,719 home sales in the same period a year ago. During the same period median home prices fell 4.9%. In the greater Chicagoland area total home sales (single-family and condominiums) were up 20.2 percent in the third quarter  to 19,847 homes sold compared to 16,518 home sales in the same period a year ago. The nine-county region’s third quarter 2011 median price was $174,500, down 7.5 percent from $188,666 in the third quarter of 2010.

Naperville housing numbers continue to show some improvement. Homes Sold and Under Contract are also over the same period a year ago. Homes For Sale and Months Supply are both down. This movement is a positive sign for our market. Inventory decline is an expected movement for this time of year.

Median Price continues to drift without a strong movement upward or downward. October Sold is up slightly over the same period last year, while Under Contract is down. And there continues to be a sizable gap for Median Price on homes For Sale and those that are selling.

*Source of above – MRED – Midwest Real Estate Data through October 2011.

On a 90 day basis the numbers for all Naperville Single Family homes look like this.

The above statistics are for single family homes in Naperville, non-bank owned. The same information is available for Lisle, Aurora,Plainfield and Oswego and for bank owned. Give us a call at 630-718-2305 or drop us an email with your request. Additionally, you may have reports emailed directly to you for the zip code area you want to explore.

Naperville Foreclosure Report – August 2011

Is Foreclosure Activity in Naperville About to Accelerate?

If you have been listening to the housing news the last few days, there has been a number of reports on increasing activity in the foreclosure market. According to RealtyTrac, “nationally, 228,098 homes received a foreclosure notice in August, up 7 percent from July but down 33 percent from August 2010.” In the Chicago metropolitan area 11,226 homes received a foreclosure filing during the month of August. That’s a 19.5 percent increase from July. But it’s also a 28.2 percent drop from August 2010.” If you remember last summer, banks across the country where being taken to task for “robo-signing” of mortgage documents and other questionable practices in the handling of loans. Judicial involvement in many states also put a damper on foreclosure activity. As a result we saw a sharp decrease in the number of foreclosed homes on the market. Now that processes have been reviewed and revamped, lenders seem to be renewing their efforts.

First Business Network interviewed Mabel Guzman, past President Chicago Association of Realtors, and Eric Westberg, Mortgage Banker, on their views of this trend.

August numbers for foreclosed homes in Naperville looked like this:

Foreclosed single family homes in Naperville are down from a year ago, as are prices for those under contract and available for sale. Months Supply of Inventory is down again to under 4 months after an upturn the last 2 months. Our experience lately has shown that the banks are negotiating harder and tighter in holding out for a higher List/Sale ratio. Couple that with currently lower inventory and you have essentially a sellers market. Should inventory increase we would expect to see a little for flexibility in their prices.

Naperville Home Sales Report – July 2011

Naperville Single Family Home Sales Report July 2011

We are finally seeing it – the end of effect of the homebuyer tax credit.  According to Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois, “The forecasts indicate that the housing market will reach its 2011 annual peak in July. Comparing the housing market in 2011 with 2010, the sales volume in the third quarter of 2011 is expected to surpass the third quarter of 2010 by 30 percent. This means the effect of the homebuyer tax credit will finally fade out in Illinois starting July 2011; some of the increase in the annual sales can be attributed to the significant decline that took place in 2010 when the effect of the withdrawal of the housing credit resulted in a sharp drop in housing sales for several months in a row.”  The above quotation is taken from last months housing report from the Illinois Association of Realtors and predicted an increase in activity for 2011. And, here are the numbers*…

*Source of above – MRED – Midwest Real Estate Data through July 2011.

As you can see,  Homes Sold increased by 21% to 115 units: Under Contract jumped to 110 units, an increase of 19.6%. Units Sold dropped by almost 8%. Inventory levels continue to come down, almost to a balanced market point (6 months inventory is considered a balanced market). That is the good news.

On the flip side, we are continuing to see downward pressure on pricing. Median Sold prices dropped 14.3% from the same period a year ago to $388,000. Meanwhile, Median For Sale prices remained about the same at $445,000. What this points to, in our opinion, is seller expectations of value are still higher than the market realities.

The above statistics are for single family homes in Naperville, non-bank owned. The same information is available for Lisle, Aurora, Plainfield and Oswego. Give us a call at 630-718-2305 or drop us an email with your request. Additionally, you may have reports emailed directly to you for the zip code area you want to explore.

Naperville Home Sales Activity Report June 2011

Naperville Foreclosure Report – June 2011

The foreclosure market in Naperville, especially for single family homes, continues to be tight. While we continue to hear reports of large numbers of new properties coming to the market, as of yet we are not seeing it, at least hear in Naperville.

In comparison to June 2010, activity is increasing with a smaller inventory base to chose from. Solds increased year over year by 25% – from 12 to 15. Under Contract doubled from 10 to 20. And properties For Sale dropped 19% from 152 to 123.

Here is a quick look at the numbers:

You can see that we have had a dramatic reduction in Months Supply of Inventory. A year ago it was almost 13 months. June 2011 it was down to 4.1 months. A balanced market, favoring neither buyer or sellers is considered to be six months. At the current rate, the market has tilted towards the banks. Properties they are bringing on the market are priced to sell and are moving quickly.

If you are an investor or buyer looking for a foreclosed home in Naperville, be prepared to act quickly. These properties are not staying on the market long.

If you want more detailed information or would like to discuss opportunities, please give me a call @ 630.542.7732. Want to see what is available in the foreclosure market? Sign up for our FREE Foreclosure Report.

Naperville Homes Sales Report for May 2011

Non Bank Owned Home Sales for Naperville – May 2011

This month’s numbers for homes sold in Naperville in May 2011 (non-bank owned) need to be looked at in light of what was happening in the marketplace a year ago. The federal tax cut for first time buyers expired on April 30, 2010. Since the effect of the tax cut was to pull sales forward in order to qualify, we naturally expect to see an impact on year over year numbers for the time period.

Homes Sold are down from 107 to 82. Remember, sold are those properties that closed during the period. We would expect this to be higher given the closings on last years incentive purchases. Homes Under Contract, on the other hand, are up 37.5% to 132 units. Again, May 2010 we saw a lull in the market due to the tax effect. Homes For Sale are down slightly from 1108 to 1028. This reflects the increased purchasing we are seeing in single family homes in Naperville.

Here is a summary look at the numbers.

Months Supply of Inventory continues to improve. For our purposes here we compare the number of homes For Sale to homes Under Contract. A balanced market, favoring neither buyers or sellers, is considered 6 months supply. A year ago, it was 11.5 mos. May of 2011, it is down to 7.8 months. This trend has continued since early this year when if February, it was at 11+ months. Inventory is shrinking and sales are increasing, a trend that bodes well for single family home sales in Naperville.

If you want more detailed information or would like to discuss opportunities in this market, please give me a call @ 630.542.7732. If you want to see available homes in the Naperville market, just click.