Naperville, IL - Chicago’s Western Suburbs - Real Estate Information - February 2009

Let’s take a look at how things have been going in the Naperville, IL real estate market as of end of February, 2009.

The total number of single family homes for sale in Naperville is 1,063 and that number is down 4% from last year (1,110.)  When looking at number of properties under contract in February we saw 73 go under and that number is down 9% from a year ago.  Number of Sold?  That is down 46% at 38 units compared to 71 last February.  Naperville expired properties are up 10% at 102 from 93 last year.  Last but not least the number of new listings on the market for Naperville is at 234 down 7% from last year.

The average median price for all of  Naperville single family homes over the past 13 months (Feb. ‘08-Feb. ‘09) was $410,000.

The Months Supply of Inventory for Naperville in February this year was 12.2 months.  That is just below the average of 12.3 months over the past year but up from last February when we saw a 11.7 months supply of inventory (MSI.)  Keep in mind that a normal/healthy MSI is 4-6 months.  Anything above is considered a buyers market and anything below is a seller’s market.  We are currently in a strong buyers market for Naperville.

Two more statistics I personally enjoy and give a good sense of where the market is at is Days on Market (market time) and percent of properties under contract (% under contract.)  The average days on market for under contract properties over the past year was 83.1.  However, February saw its average days on market at 114.  So we’re trending upwards fast.

The % under contract for Naperville is 6.9%. A low number and a simple way to sum up what the market is like.  Lots of inventory with more new coming on the market then sold and under contract combined with high days on market will bring down prices.  We need to see more under contract and sold vs. new and once that happens we’ll start to see these other numbers go in directions we all want to see.

Just keep in mind a few things:  the statistics I’m talking about are for Detached Single Family homes.  When I’m comparing to figures a year ago I’m comparing February to February.  If I say things are up or down it is based off of that individual month.  I’ll let you know if I’m averaging the entire year (13 months.)  Anytime I talk about average Days on Market I’m looking at the average for those properties that have gone under contract.

As always let me know if there are any questions.  Please subscribe to this blog if you like what you read and spread the word.  If you’re actively looking I’d encourage you to take adavantage of our MLS property search.  Enjoy!!