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.

Last post we looked at Naperville Single Family activity for February 2011 vs the same period this year.  This post we will address bank owned (REO) Naperville, condo and townhome, February 2011 vs February 2010. Again, our goal is to be able to see the trends in each market segment and what, if any, impact one segment has on the other.

Naperville Condo & Townhome Sales February 2011 vs February 2010

February in this segment was mixed compared to the same period a year ago.

• Units Sold were down sharply from 12 to 5. Remember that a year ago the tax credit for first time buyers was in full swing and condos or townhomes are the market entry point for most.
• Homes that went Under Contract were up from 11 to 13 or 18.2%.  Of the total number of units that went under contract during the month, 41% were bank owned. This measure is up considerably from the 34.5%  a year ago.
• And homes for sale? This measure dropped, same month vs same month,  by almost 17% to 90. Approximately 19% of the homes for sale are bank owned.

Months Supply of Inventory (MSI) has dropped to 5.5. Over all for this segment in Naperville, MSI is at 13 months. A neutral market, one that favors neither buyer or seller, is generally considered to be at 6 months.So what we are seeing here is a tighter market for bank owned condos and townhomes. If you are a buyer in this market, be prepared for potential multiple offer situations on these type of properties.

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 now in Naperville. Simply click here.

The statistics used in this report are from multiple listing service reports as provided by Terradatum, Ica

Sold Average:  In the year ended 12/31/2008, the average price of a condo/townhome in Naperville dropped 2.5% over the previous 12 months while the median price rose 11.6%. Moving forward, at the end of 2009, the average sale price dropped 8% over its 2008 close while median price dropped 8.2%. Overall, over the two year period, average prices declined 10.3%; median rose 2.4%.

What is interesting about these numbers is that if you look at a month by move trend analysis it shows that average sales prices are recovering in same month comparisons to previous year. As an example, December 09 was up 6.5% over December 08.

Supply and Demand: Units sold and or under contract is a measure of how active the market is. And 2009 a small decrease in units sold over 2008, but still down sharply from the levels seen in 2007. Meanwhile, units for sale, (not shown in the table) show a 6% increase from  end of year 07 (498) to end of year 09 (528). this number spiked in December 08 at 564 units for sale.

So What:  Bottom line question is what does this mean for the Naperville housing market? In reverse order, given the number of units available for sale vs the number actually selling, buyers will continue to have a lot of choice. Sellers, in order to be competitive, need to have the home in the most attractive shape possible and at the best possible market price. Given the scope of choice available, you need to be the best value in your price range. The market will not come to meet the price you feel you should get for your property. You need to be priced to the market.

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• House Prices Off To Strong Start In 2010 (news.sky.com)
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Data comparisons* are made for the current 12 week period vs the previous 12 weeks.

Homes Under Contract, 13 vs 10, or an increase of 30%. This upward trend has been steadily continuing over the last several months and continues into the fall months. Homes Sold remained steady – 11 vs 11. They have been at this level on a continuous basis since early June, 2009, indicating a relatively stable market.

Continuing a trend that  started in July, Homes For Sale decreased 9% from 610 to 558. This continued reduction in inventory bodes well for stabilization in pricing and competition in the marketplace.

Median Price for Homes Sold in October 09 is down less that 1% from $152,167 to $151,288 – an insignificant change. The median for Homes Under Contract however, dropped from $162,575 to $150,896 – a decrease of 7.2%. Median List Price dropped 2.5% from $162,262 to $158,171. All three pricing metrics have been gradually declining over the past 6 months.

Condos and Townhomes in Aurora, IL

These stats are also available on an individual zip code basis. Contact me to take a closer look at your particular area. Or request your own customized report and it will be emailed promptly.

Data comparisons* are made for the current 12 week period vs the previous 12 weeks.

Homes Under Contract, 12 vs 12. 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 12 to 10 or a decrease of 16.7%. Again, this is not unusual give the time of year.

Continuing the trend started last month, Homes For Sale decreased 3.6% from 552 to 532. With fewer homes on the market, we should begin to see some stabilization in pricing.

Median Price for Homes Sold in October 09 is down 1.2% from $197,519to $195,071– an insignificant change. The median for Homes Under Contract however, dropped from $204,705 to $181,352– a decrease of 11.4%. Median List Price remained flat: $189,975 vs $189,288.

Condos and Townhomes in Naperville, IL

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*(Source -Terradatum/MRED, LLC). Numbers shown are based condo/townhome data. Contact me for further individual breakdowns. Other data  and charts from Altos Research. Information is also available by zipcode. It can be requested in the chart to the right or by clicking here. It will be emailed to you shortly.