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

Let’s take a look at how single family homes in Downers Grove did as of the end of February 2009.

Total number of single family homes for sale at the end of February was 434 which is down 9% from last February.  Total number of properties that accepted a contract in the month was 16.  That is down 16% from last year’s 26.  Total number of sold?  15.  A drop of 12%.  Up 29% from last year are the number of expired homes at 44 for the month.  Good thing is the total number of new listings last month was down 16% from last year.  Bad thing is at 81 that number is still higher than the sum of under contract and sold.  Thus, we continue to add to an already high inventory.

% of properties that are under contract is at 3.7%. A very low number.

The median price over the past 13 months was $371,000 in Downers Grove.

We’re looking at a Months Supply of Inventory of 23.4 months in February.  That number is up 5% from last year and the average over the past 13 months was 18.1.  So we’re trending upwards making this a VERY STRONG BUYERS MARKET. A healthy/normal Months Supply of Inventory will be between 4-6 months.

The average days on market for Downers Grove was 165 days in February. This just looks at those properties that have gone under contract.  This is up 53% from last year.

Just keep in mind a few things:  the statistics I’m talking about are for Detached Single Family homes.  When I’m comparing to figured a year ago I’m comparing February to February.  Anytime I talk about average Days on Market I’m looking at the average for those properties that have gone under contract.  So, when numbers are up or down they are up or down from last February.

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