This was the headline from a news release out of Springfield this week and marks the second consecutive month that double digit gains were seen in Illinois home sales numbers. Statewide total home sales (which include single-family and condominiums) in November 2009 reached 10,361 homes sold, up 64.0 percent from November 2008 sales of 6,317, marking the third consecutive month of year-over-year sales increases in Illinois.

And the forecast for the next several months?

“Forecasts for December, January and February indicate sales increasing robustly in Illinois and Chicago on an annual basis, but median price movements in Illinois hold the potential for a mild recovery that is not, as yet, evident in the Chicago market,” Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.

While statewide markets seem to be stabilizing, we like to look at the numbers on a more local level. In DuPage County median prices of homes sold (single family and conds/townhomes) are relatively flat from a year ago.

In Naperville, the average median price for single family homes is about 5.8% lower than than it was a year ago. Inventory is down about 5.7% for the same period.

All told, Naperville may not be experiencing the the same rates of recovery that other areas of the state are seeing, but then again, we did not fall as sharply either. We will continue to keep an eye on the numbers and provide our interpretation as viewed thru a Naperville lens. If you want to see additional numbers or examine them in more detail contact me at 630.542.7732 or email me. Have a great holiday season and Merry Christmas.

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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If you want help renting that property, screening potential renters and getting the most out of your investment, give me a call and let’s talk about how I can help.

First of all, the credit has not been extended yet despite all the rumors floating around. Here is the latest information from Washington as well as a projected timeline for further action from www.FixHousingFirst.com.

The Status – From www.TheHill.com “…Under the agreement struck by Sens. Chris Dodd (D-Conn.) and Johnny Isakson (R-Ga.), the credit will last until the end of April and can be applied to homes worth up to $800,000. Dodd and Isakson said that as many as 70 percent of Americans will be eligible for it.

The home credit’s backers, which include Senate Majority Leader Harry Reid (D-Nev.), have said that it can help the economy recover and has already led to the jump in home sales seen around the country in recent months.

Isakson called the provision a “once-in-a-lifetime” credit that can “bring the housing market back to some sense of vitality and values.”

Though the previous provision could only be used by individuals making up to $75,000 and couples making up to $150,000, the extended credit can be used by individuals with incomes of up to $125,000 and couples of up to $225,000.

The deal also provides a new $6,500 credit to homebuyers looking to move out of their current homes into more expensive ones….”

The Timeline: From an email from www. FixHousingFirst.com comes this projected schedule:

As you may know, last night the Senate reached a deal on extending and expanding the home buyer tax credit, and they plan on attaching it to the unemployment insurance bill. You can see a copy of the bill here. The tax credit provisions begin on p. 14.

Near as we can tell at this moment, the process from here will go like this:

1. There will be a cloture vote at 5 pm on Monday in the Senate on the new Baucus substitute. If it succeeds, it takes 30 hours to “ripen,” i.e., before the bill can be brought to the floor.
2. Thirty hours later it’s Tuesday night. There will likely then be a cloture vote on the full unemployment insurance bill, as amended.
3. Thirty hours after that, it’s Thursday morning, when the Senate will vote on final passage of the bill.
4. The House could take up the bill as early as Thursday afternoon or Friday.  They likely will just accept the Senate bill and vote on that.  If their bill differs from the Senate bill, then the whole thing has to back through Conference. That’s unlikely at this point – and undesirable.
5. The plan/hope is to have the bill on the President’s desk as soon as next weekend.

Obviously, this is all subject to change without notice. This is the Congress, after all.

You can see from the above that it is important to keep weighing in throughout the week – and sending this link to your network of friends, colleagues, family, neighbors, customers, employees, suppliers and urging them to do the same.  The amount of emails being sent through the Fix Housing First site has been fantastic – keep it up!”

Summary: So hang in there, be patient, something is coming in the near future. What the final product will be after both Houses get done with it, no one can predict. Keep checking back or subscribe to the RSS feed for updated information as it occurs. peace.

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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.

Information just released by Illinois Association of Realtors:

Illinois Market Gets Moving with May Home Sales Up 19.3 Percent from April; Statewide Median Price at $158,000

SPRINGFIELD, Ill. — The month of May marked the fourth consecutive month-to-month increase in home sales for the Illinois housing market and the third monthly increase in the statewide median home sale price, according to the Illinois Association of REALTORS® latest report. Total home sales (which include single-family and condominiums) were up 19.3 percent in May 2009 to 8,945 homes compared to 7,501 homes sold in April 2009. Compared to a year ago, home sales were down 21.0 percent from May 2008 sales of 11,326.

The Illinois median price in May 2009 was $158,000, up 4.5 percent from $151,200 in April 2009; it was down 16.0 percent from $188,000 a year ago in May 2008. The median is a typical market price where half the homes sold for more, half sold for less.

“We are seeing more activity in the housing market with increased listings, more activity at showings, a surge in interest from first-time buyers as well as some improvement in time on market,” said REALTOR® Pat Callan, president of the Illinois Association of REALTORS®. “First-time homebuyers who want to take advantage of the $8,000 tax credit need to be aware that the purchase has to close no later than November 30 given the December 1 cut-off under current guidelines by the federal government. That means being under contract by early fall.”

If you want to see the stats for Naperville and surrounding areas just click Market Statistics or visit MyNapervilleRealEstate.com.