Naperville Home Sales Activity Report March 2011

Naperville Foreclosure March 2011 vs March 2010

This is an extremely active market segment and the pace is picking up! Home Sold in this segment increased by 57% over same period one year ago and Homes Under Contract jumped 100%.  Foreclosed homes for sale? These are also increases from February 2011 activity. They dropped by 74%. The table below shows these accelerating trends.

Most telling is the continued drop in MSI (Months Supply of Inventory). March dropped to 2.1 months from 8.1 a year ago. Remember, a MSI of 6 indicates a balanced market – under 6 favors sellers. If you are an investor in Naperville or a buyer looking for a Foreclosed home, be prepared to act quickly when the properties hit the market. They are not lasting 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 Foreclosure Report.

Next Up – Naperville Single Family Homes – Non Bank Owned

What are Naperville’s Hottest Subdivisions in 2010

2010′s Hottest Naperville Subdivisions

How has the real estate market been in Naperville? Where are houses selling in town? Well here is this year’s Top 25 list of the subdivisions with the most activity – defined as closed sales transactions – in 2010. There are quite a few changes over the 2009 list, but, given the lower volume of activity that is to be expected. Subdivision locations can be found on the map from the City of Naperville. 2008 – 2009 Rankings can be found here.

*Downtown is the area on the subdivision map referred to as Naperville Station.

Want to see what is currently for sale in these or other subdivisions in town? Check them out here.

Let me know if average market time and average sale price interest you on a subdivision level. I have that available. If you want information on others, just give me a call or drop me a note. Cheers!

November Market Reports for Naperville, Il zip code 60563

Housing Market Report for Naperville 60563 – November 2010

Today we look at north Naperville, zip 60563. Here too, Homes Absorbed are greater than Newly Listed, a positive sign for reduction in inventory, a trend that is continuing from this summer’s July high. The difference between Median Price and Average List price is almost 31%! This is an indicator that the higher priced homes are beginning to dominate the available inventory. This is not totally unexpected as many lower priced units were removed from inventory as a result of the first time buyers tax credit.

On a year over year basis for the same quarter, Naperville zip code 60563 has seen a reduction in units sold of 20%, but an increase in average Sale Price of 9.3% – one of the best percentage gains in over 2 years! It would e nice to see this if this is sustainable.

November Market Report for Naperville Zip Code 60564

Today we look at southwest Naperville, zip 60564. Here too, Homes Absorbed are greater than Newly Listed, a positive sign for reduction in inventory, a trend that is continuing from this summer’s July high. The difference between Median Price and Average List price is hovering around 6% which is typical when lower priced properties are dominating the market.

On a year over year basis, prices in zip 60564 are up 6.5% over the same Quarter last year. Units sold are down 10.6%, the lowest percentage for any zip code in Naperville. As always, if you would like to receive this type of information on a regular basis,  enter your email and preferred zip code in the sign up on the right. If you would like to examine your particular area in greater depth, simply email me with the subdivision or school area.

October Market Report for Naperville 60565

Here are the latest Market Statistics on Naperville, 60565.  As you can see, the gap between Average List Price and Median List Price is increasing. This is indicative of more, higher priced homes on the market, which means increased competition at the higher price points. That makes condition of the property even more critical.

A key statistic to note is that Homes Absorbed and Inventory are both moving in positive directions over the elevated numbers of a few months ago. While Inventory may be decreasing, buyers still have plenty of choices.

August September Real Estate Market Report for Naperville

So what is the real story with the housing market? I’ve been been reading all the national reports, Case- Schiller, NAR, more local reports, and blogs from trusted sources from around the country. I recently had the opportunity to hear Steve Harney talk at the Illinois Association of Realtors Annual Meeting. Here are the highlights:
The federal tax credits brought very few if any, new buyers to the market. The incentives pulled purchases forward, in effect, robbing Peter to pay Paul. Now that those have closed, or will close in the next few weeks, expect to see a slowdown and darker reports on homes sold.
Foreclosures – Illinois is a judicial foreclosure state so it is one of the 23 directly affected by the banks freeze on current homes in the foreclosure process. Foreclosed homes that have either been on the market or waiting to come on the market (in redemption) are effectively off the market until this latest snafu is sorted out.
Locally, showing activity is up, sharply. The first weekend in October was the 3rd highest of the year for our office in terms of appointments for showings.
Homes that have been sitting on the market for extended periods have received multiple offers.
Personally, I have written more contracts in the last 3 weeks than any other month this year.

What does this mean? Smart buyers are starting to take advantage of the low prices and incredibly low interest rates. New buyers with nothing to sell do not view this as a bad market: to them it is an incredible opportunity to buy more home, for less money, than could have been done 5 years ago. Sellers – don’t look for any real pricing recovery for the next 18 months. We may see a temporary blip because of reduced inventory as a result of the foreclosure freeze (depending on how long it lasts), but expect a flat market for the most part.

That all being said, here are the latest Naperville Single Family numbers for August/September 2010:

August-September View

If you want to change the view period, adjust the slider at the bottom of the mini-graph.

Naperville, IL Real Estate Market Conditions

Median Price for homes in NAPERVILLE, IL All ZIP Codes as of April 2, 2010 is $189,900	Inventory for homes in NAPERVILLE, IL All ZIP Codes as of April 2, 2010 is 592
Average Days on Market for homes in NAPERVILLE, IL All ZIP Codes as of April 2, 2010 is 258	Median Market Action Index for homes in NAPERVILLE, IL All ZIP Codes as of April 2, 2010 is 11.70

Housing Market Continues Strong in Naperville

National news in housing has been good recently, with pending home sales up higher than expected for February. The numbers for Naperville single family homes continue steady on a month over month basis and stronger than a year ago. All statistics used in these reports come directly from Terradatum Inc. Their source is reported multiple listing service transactions.

Sold Homes: The average price for a single family home in Naperville in March 2010 was $387,483. That is an decrease of 7.1% from the March 2009 average price of $417,116. Median prices were also down from $389,000 to $371,000. The gap between average and median price is typically around 12%. Last month it was 26%: this month it is almost 7%. The decrease in the gap is indicative of heavier activity in the lower end of the market, possibly due to an influx of first time buyers getting into the market to take advantage of the First Time Buyer’s Tax Credit before the April 30, 2010 deadline.

The number of units sold is also up for March 2010 vs March 2009 at 91 vs 67 or a 36% increase. Homes under contract had a much sharper increase to 151 from 85 for the same period one year ago; an increase of 78%. This trend has continued throughout the first quarter of 2010.

Months Supply of Inventory is a measure of how long, at the current rate of sales or absorption, would it take to sell out the market. The March  MSI is 5.9, vs 12 a year ago – a decrease of over 50%. On a national level, the number is closer to 10 for this March and 15 months for last year at the same time – another indication that Naperville trends differ substantially from national numbers.

As always, if you want more detailed information or to look at the numbers on a more hyper-local level (zip code or subdivision) simply Order your free Market Report or drop me an email.

Naperville single family homes continue strong in February

National news in housing has been mixed lately, with home sales down over previous months but still higher than a year ago. The latest NAR report is available here. The numbers for Naperville single family homes continue steady on a month over month basis and stronger than a year ago. All statistics used in these reports come directly from Terradatum Inc. Their source is reported multiple listing service transactions.

Sold Homes: The average price for a single family home in Naperville sold for $423,729 in February 2010. That is an increase of 4.9% from the February 2009 average price of $404,026. Median prices were down at $315,080 vs $345,000. The gap between average and median price is typically around 12%. Last month it was 16%: this month it is almost 26%. That type of increase is only going to be caused by a wider range of prices above the median – an indicator that the upper levels of the Naperville housing market have started, and continue to move. Over the last two months the gap is widening.

The number of units sold is also up for February 2010 vs February 2009 at 52 vs 39 or a 33% increase. Homes under contract had a much sharper increase to 106 from 65 for the same period one year ago; an increase of 63%. (Both of these numbers are higher than January 2010 also!)

Months Supply of Inventory is a measure of how long, at the current rate of sales or absorption, would it take to sell out the market. The February MSI is 7.7, vs 14 a year ago – a decrease of over 46%. On a national level, the number is closer to 16 for this February and 24 months for last year at the same time – another indication that Naperville trends differ substantially from national numbers.

As always, if you want more detailed information or to look at the numbers on a more hyper-local level (zip code or subdivision) simply Order your free Market Report or drop me an email.

Area variations in Naperville single family home pricing

In talking with new homebuyers in Naperville or transferees, I am often asked what a typical home goes for in Naperville and how much that has changed in the last several years. And the answer?  It depends; what part of town (zip code) and even within a zip code, what subdivision. The following charts give a good picture of just home wide that variation is. Of note also is the differing trends by area.

As you can see, the first chart shows all of Naperville single family homes combined. Median price has dropped from around $508,000 13 months ago to a low in November of right around $480,000. Since then we have seen a recovery in prices to just under $490,000. Keep in mind, that median price in Naperville is generally about 12% lower than average price.

Our first breakout by zip code looks at 60540 home prices. During the same time period those have gone from a high of about $590,000 to just under $500,000 in August 09 – a sharp drop over a 4 month period. Since that time median prices have been drifting in a range of $490,000 to $500,000.

Next we look at home prices in 60563. Here we see a start around the $429,000 level with a decline to the low $390,000′s in December 09. Since then we have seen a sharp rebound to about $411,000  through February 2010.

Median home prices in 60564 have yet to see much of a recovery. Since April of 09 median pricing has gone from $568,000 to about $532,000 in February 2010.

Finally we look at 60565 home prices. This area of Naperville has weathered the past year much better than any other. In fact, the median price at the end of February 2010 of $445,000, is above the median of $430,000 in April 09! There had been a rise last summer to near the current level but there was a late year valley down to the low $430′s.

This is the maximum break out level for these charts. If you want to look deeper into your specific area or subdivision, drop me an email and we can take a look.

peace