Aurora, IL Real Estate Market Conditions: Condos and Townhomes, zip 60502

Median Price for homes in AURORA, IL 60502 as of January 7, 2011 is $175,000	Inventory for homes in AURORA, IL 60502 as of January 7, 2011 is 95
Average Days on Market for homes in AURORA, IL 60502 as of January 7, 2011 is 225	Median MAI for homes in AURORA, IL 60502 as of January 7, 2011 is 13.01

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 November home sales continue strong.

There has been a significant amount of news coverage lately on home sale statistics. The Illinois Association of Realtors (IAR) recently announced record sales levels for October. On a more local level we are continuing to see the seasonal effect typical of this time of year, although market activity remains strong over the same period a year ago.

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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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

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 Weeky Update

NAPERVILLE THIS WEEK:  April 27, 2009

The median single family home price in Naperville this week is $499,625. The 1186 homes have been on the market for an average of 219 days. Inventory and days-on-market are climbing while the Market Action Index has been flat, continuing a trend of the past several weeks.

For a more detailed view of the market, including breakdowns by zip code, go to the Market Statistics tab and select the town you want to study. Those charts are updated weekly. Interested in a no charge subscription? Drop me an email and I’ll set you up to receive weekly reports via email.

Market Information

While researching how to build this blog, what to include, and how frequently to post, I have been surfing other agent sites and talking with other realtors thru out the country. I look at those high traffic sites and those that include Market Statistics as a service to their readers. As I  was viewing them today I began to notice something similar that I have to check out further; that is stats for Median Days on Market seem to be improving in certain areas across the country. Does this really mean anything to Naperville? Not really, in my opinion as all markets are highly localized and have different drivers that affect demand and inventory. Click on the tab at the top for the latest on what is going on in our area.