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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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!!

Let’s take a look at how things are faring for Downers Grove, IL Real Estate. I pulled a few statistics for us to look at for Type 1, Type 2 properties in Downer Grove, IL. We will look at median vs. average sale price, market time, absorption rate and # of units sold, under contract and currently active. As always I invite you to ask questions if you need to clarify any of the following information or contact me if there is a specific search you are interested in. The search criteria we are working off of is general information. If you have a two-story 4BR/2.5BA with a basement and would like to know details on your price range and what market time is like I’m more than happy to help out. All data was pulled from MLSNI and goes back 6 months from today’s date. Enjoy!

Type 1
Active Listings (Single Family Detached)
# of units: 392
Avg. market time: 223
Median List Price: $450,000
Average List Price: $593,606
Max. List Price: $1,999,000
Min. List Price: $144,900

Sold Properties (past 6 months)
# of units: 90
Avg. market time: 215
Median Sold Price: $374,450
Average Sold Price: $468,129
Max Sale Price: $1,200,000
Min Sale Price: $196,000

Under Contract (past 6 months)
# of units: 45
Avg. market time: 231
Median List Price: $439,500
Average List Price: $523,107
Max List Price: $1,295,000
Min List Price: $243,900

The absorption rate for Type 1, Single Family Detached Properties in Downers Grove, IL is currently: 40.45 weeks.

Type 2
Active Listings (Single Family Attached)
# of units: 184
Avg. market time: 233
Median List Price: $195,950
Average List Price: $252,632
Max List Price: $695,000
Min List Price: $88,000

Sold Properties (past 6 months)
# of units: 38
Avg. market time: 101
Median Sold Price: $156,000
Average Sold Price: $185,853
Max Sold Price: $445,000
Min Sold Price: $97,000

Under Contract (past 6 months)
# of units: 27
Avg. market time: 505
Median List Price: $257,900
Average List Price: $357,047
Max List Price: $720,000
Min List Price: $110,000

The absorption rate for Type 2, Single Family Attached properties in Downers Grove, IL is currently: 29.53 weeks.