Naperville May housing inventory rises

May is the first month post tax credit. According to the National Association of Realtors May reports, sales nationally remained at an elevated level, and steady for the Midwest. These were characterized by stabilizing home prices and historically low interest rates. How did the Naperville real estate market react to the expiration of the federal tax credit? Let’s find out.

Note: All statistics used in these reports come directly from Terradatum Inc. Their source is reported multiple listing service transactions. Charts are from Altos Research.

Sold Homes

The average price for a single family home in Naperville in May, 2010 was $433,877. That is a decrease of 1.5% from the May 2009 average price of $440,299. Median prices actually rose to $405,000 from a year ago at #390,000, or an increase of 3.8%. The gap between average and median price is typically around 12% – this past month that dropped to 7.1%. The previous two months had been at 12.2% and 5%. Movement below 12% is indicative of higher priced homes moving in the market – typically the second and third quadrants.

The number of units sold is also up for May 2010 vs May 2009 at 121 vs 89 or a 32% increase. Homes under contract decreased to 121 from 136 for the same period one year ago; a drop of 11%. This is a slight downturn from 2010′s trend, returning from a monthly high in April.

Months Supply of Inventory

MSI is a measure of how long, at the current rate of sales or absorption, would it take to sell out the market. The May  MSI is 8, vs 7.9 a year ago. What is significant is that this is jump from last month’s level of 5.3. More homes on  the market mean greater choices for buyers. Conversely this will put pressure on sellers to price to the market in order to be the buyer’s choice.

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.

New housing resource for Naperville area homeowners

In early November, the National Association of Realtors (NAR) launched a new consumer centric website – www.HouseLogic.com. The site offers tips, tricks, and a wealth of information home improvements, maintenance, finance and insurance, neighborhood tips and more. It offers strategies for evaluating the cost effectiveness of various projects. It also includes industry and real estate related news.  Check it out and see what you find that may be helpful.

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