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!!

Here are the Average vs. Median single family home prices for Naperville, IL in 2008:

I will break down the exact prices, the number of units for each month that were sold and how close median and average were for any given month.

• The Average price for January 2008 in Naperville was $495K and the Median price was $450K.  A difference of 45K.  Median was 91% of Average and this is based on 59 sold units.
• The Average price for February 2008 in Naperville was $ 482K and the Median price was $443K.  A difference of 39K.  Median was 92% of Average and this is based on 71 sold units for the month.
• The Average price for March 2008 in Naperville was $505K and the Median was $430K.  A difference of $75K.  Median was 85% of Average and this is based on 65 sales for the month.
• The Average price for April 2008 in Naperville was $466K and the Median was $410K.  A difference of $56K.  Median was 88% of Average and this is based on 111 sales for the month.
• The Average price for May 2008 in Naperville was $447K and the Median was $393K.  A difference of $54K.  Median was 88% of Average and this is based on 107 sales for the month.
• The Average price for June 2008 in Naperville was $489K and the Median was $435K.  A difference of $54K.  Median was 89% of Average and this is based on 141 sales for the month.
• The Average price for July 2008 in Naperville was $476K and the Median was $426K.  A difference of $50K.  Median was 90% of Average and this is based on 166 sales for the month.
• The Average price for August 2008 in Naperville was $513K and the Median was $448K.  A difference of $65K.  Median was 87% of Average and this is based on 136 sales for the month.
• The Average price for Septemeber 2008 in Naperville was $549K and the Median was $416K.  A difference of $133K.  Median was 76% of Average and this is based on 96 sales for the month.
• The Average price for October 2008 in Naperville was $458K and the Median was $389K.  A difference of $69K.  Median was 85% of Average and this is based on 78 sales for the month.
• The Average price for November 2008 in Naperville was $449K and the Median was $424K.  A difference of 25K.  Median was 94% of Average and this is based on 55 sales for the month.
• The Average price for December 2008 in Naperville was $472K and the Median was $417K.  A difference of $55K.  Median was 89% of Average and this is based on 72 sales for the month.

We felt in our office that December was better than November and most of the numbers out there support this.  September was when someone said “the fundamentals of our economy are strong” and I know he didn’t exactly mean what he said but that is my marker for when things started to turn.  And the numbers support it.

Let me know if you have any questions or if you would like me to put anytihng together for you.  Enjoy!

Here is a glimpse of the average days on market for a single family detached home in Naperville, IL for 2008:

So we’re looking at an for single family homes in Naperville at just under 3 months.  If you look at the year as a whole it was pretty consistent.  A lot of areas you will see a big swing from winter to summer.

As with Naperville’s Months Supply of Inventory we are seeing better numbers then expected.  But don’t get too excited because they are still not good.  Months supply is high.  Inventory is high.  Actually this is lower then expected so probably the one thing we can celebrate.  I was thinking we’d be closer to 100+ days.  Oh, take a close look at # of Active, New and Sold listings in Naperville as well.

Let me know if you have questions.  I can put something together if you’d like for your community.  Above you can search the for properties in Naperville and all around Chicago with our state of the art MLS search.  Enjoy!

Month’s Supply of Inventory for Naperville, IL:

Here we take a look at how many months it would take at the current rate of sales to sell everything that is on the market.  A normal months supply of inventory for Naperville or any market is between 4-6 months.  Naperville seeing a few months in the spring and early summer in single digits was doing better than most communities around here.

The average MSI in Naperville for 2008 was 12 months.   Compare that with 16 months in Wesmont and 18.5 months in Lisle and people of Naperville can feel a little good about themselves.  It’s all relative.  Even at 12 months Naperville is in a strong buyer’s market.  You get above 6 months and we start talking in terms of buyer’s market but you get to 12 months and we attach the word strong to it.

Let me know if there is any specific you would like me to put together.  I hope you enjoy and spread the good word.

A look at how many properties were active, new or sold per month in Naperville, IL for 2008:

Naperville being the largest market that I work in outside of the Chicago market gives us the biggest sample when it comes to #’s.  As expected and quite beautifully the red line goes up as we get into summer and goes down as we approach winter.  The green and blue lines follow suit.  Just as with Westmont, Lisle, Downers Grove and anywhere else I cover this is the trend.  Even in a hot seller’s market we see this happen.  What I want to focus on and what I have been with other areas is the number of new compared to the number of sold.  Take May for example.  359 new listings in Naperville and only 107 sold in the month.  That is a gain of 252 listings added to an already overwhelming inventory.

Let me know if you have any questions.  Spread the word on the blog.  Enjoy!

Here is a look at what has been going on in Naperville over the past month. Instead of trying to take a look at a specific month, like March, I figured the best thing to do in being current was to just post and the statistics in that post are a look at the past month from that date. Make sense? That way we are staying as current as possible because let’s face it…if I’m posting at the end of April on March’s statistics then who cares? I like up to date when I’m gathering information and so from here on out my statistics will be based on the day of the post and not for a conventional month. I will be looking at Detached Single Family and Attached Single Family. I will be looking at ACTIVE, UNDER CONTRACT, EXPIRED and SOLD. Combined with these statistics I will provide up to date Absorption Rates. On top I will be sharing anything that I feel is worth sharing. As always if you would like a specific neighborhood talked about or would like me to provide specific statistics just let me know. I’m always happy to help. Here we go:

Naperville Detached Single Family Homes

Under Contact: Naperville saw 158 units go under contract in the past month. The average market time for these was 166 days. Median list price was $422,000. Average sales price was $538,667. Looks like the price range with the most under contract was $350,000-$399,900 with 30 units and 120 days on market. Longest market time is the $900,000-999,999 price range at 397 days on market.

Active Listings: In Naperville we have 1,076 properties for sale with an average market time of 195 days. Median list price is $539,900 while the average price is $697,279. The highest property for sale currently in Naperville is listed at $4,350,000. Surprisingly the price range with the most current listings is the $1,000,000-1,999,999 range with 165 properties for sale. Wow. That’s a lot of million dollar properties for sale. Not to mention the 21 other properties listed above $2,000,000. Market time for properties under $700,000 seems to be pretty consistent at roughly 130 days.

Expired Listings: In a “hot” market this is something I wouldn’t normally talk about because the numbers would be so small. But with today’s market here in Naperville I figured it is a great way to show what is going on out there. Over the past month Naperville saw 41 properties expire off the market. Average market time at 286 days.

Sold Properties: This one just blew my mind. In Naperville, a city of close to 150,000 residents, there were only 6 closings in that past month for single family homes. I triple checked to make sure I wasn’t mistaken and it is true. The past two month saw something in the neighborhood of 50 properties but that past month was only 6. I was shocked by this number. Average market time was really good at 95 days for those 6 units. Median sale price at $368,000. I anticipate these numbers to increase significantly in the next month based on what I’m seeing out there today.

• Current Absorption Rate for Naperville Detached Single Family Homes is: 6.81 months.

Naperville Attached Single Family Homes (condos/townhomes)

Under Contract: Currently 76 properties under contract in Naperville. Average market time is 138 days. Median List Price is $196,950 with and Average List Price of $221,134. The $150,000-199,999 price range has the most under contract with 23. Highest attached single family home went under contract listed at $630,000.

Active Listings: There are 508 attached single family homes currently available in Naperville. Most popular price range is the $150,000-199,999 with 150 on market. Average market time for all attached properties is 149 days with a Median List Price of $215,000 and an Average List Price of $282,701. Highest priced attached single family currently available in Naperville is on market for $2,290,000. Any takers?

Expired Listings: 16 units expired over the past month in Naperville. Average market time for those 16 units was 225 days. Median List Price was $212,400.

Sold Properties: Like the Detached Single Family I’m a bit surprised at the numbers for the Attached Single Family that have sold. Only 8. Market time was 166 days average for those 8. Only two price ranges were even represented: $150-199,999 & $500-549,999.

• Absorption Rate for Attached Single Family Homes in Naperville: 6.68 months.

Last week I showed you a beautiful picture of the Chicago River at Night. This week we head out to Naperville, a Western Suburb of Chicago. Naperville has a beautiful River Walk in its downtown. The river that winds through is the DuPage river. If you’re ever in Naperville one of my favorite things to do is grab some ice cream and walk the River Walk. Sounds cheesy, but that’s how I roll. Have a great weekend!!

How’s Naperville, IL doing these days when it comes to the real estate market? I pulled a few statistics for us to look at for Type 1 & Type 2 properties in Naperville, 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. 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: 889
Avg. market time: 221
Median List Price: $550,000
Average List Price: $740,543
Max. List Price: $4,750,000
Min. List Price: $100,000

Sold Properties (past 6 months)
# of units: 376
Avg. market time: 145
Median Sold Price: $441,750
Average Sold Price: $492,194
Max Sale Price: $2,150,000
Min Sale Price: $200,000

Under Contract (past 6 months)
# of units: 126
Avg. market time: 230
Median List Price: $499,450
Average List Price: $592,434
Max List Price: $1,949,000
Min List Price: $219,900

The absorption rate for Type 1, Single Family Detached Properties in Naperville, IL is currently: 34.70 weeks.

Type 2
Active Listings (Single Family Attached)
# of units: 441
Avg. market time: 157
Median List Price: $218,500
Average List Price: $278,739
Max List Price: $2,290,000
Min List Price: $102,900

Sold Properties (past 6 months)
# of units: 226
Avg. market time: 99
Median Sold Price: $192,500
Average Sold Price: $221,683
Max Sold Price: $795,000
Min Sold Price: $96,000

Under Contract (past 6 months)
# of units: 45
Avg. market time: 142
Median List Price: $190,085
Average List Price: $260,619
Max List Price: $1,750,000
Min List Price: $109,900

The absorption rate for Type 2, Single Family Attached properties in is currently: 44.46 weeks.