Chicago’s Western Suburbs - Downers Grove Real Estate Information - January 2009

Let’s take a look at how Downers Grove, IL has done in the month of January from 2007 through 2009.  We’ll look at Median Sale Price, Days on Market, Months Supply of Inventory and finally # of Active, Sold, Under Contract and New.

The Median Sale Price for January 2009 was $300,000.  That number is down 27% from 2007 when we had a median of $410,000.  We’re only down 6% from last January where the median sale price in Downers was $319,000.

Months Supply of Inventory (MSI) for January 2009 in Downers Grove was 19.3 months.  That figure is up 112% over the past two years.  In 2007 were were looking at 9.1 months which still is a buyers market but not as strong as what we’re in now.  January 2008 saw an MSI of 18.3.

The average Days on Market (DOM) for properties under contract in January 2009 was 113 days.  That figure is up 39% from two years ago.  In January 2007 we were seeing market times closer to 81 days.

Now the hard numbers.  Total # of active listings in Downers Grove for January 2009 was 426.  Down just 5% from two years ago.  Total # of properties under contract was 18.  Down 54% from 2007.  Total # of properties sold in January 2009 was 11.  Down 71% from 2007.  And finally the # of new properties to the market for January 2009 was 84.  Down 29% from new to market in January 2007.  Here in lies the problem.  If you add the # of under contract to the # of sold and that does not surpass the # of new….you see how we are still adding to the current inventory.  Thus Days on Market and Months Supply of Inventory continue to rise.

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If you have any questions just let me know.  I invite you to search for properties yourself on my MLS search.  Enjoy!!