Let’s take a look at how the Westmont real estate market did last month for single family homes.

Total number of properties on the market as of February 28th was 130.  That is down just 1% from a year ago this time.  Looking at the total number of properties in Westmont under contract is 5…down 29% from last year when we had 7.  Total number sold in February?  Just 1.  Down 88% from last years 8.  This is unreal…the total number of expired for Westmont single families in February was 24.  That is up 118% from last year.  We saw the same number of new listings as last year at 26.  With 1 sold and 5 under contract (6 total) and 26 new it looks like we’re adding to existing inventory.  Big question is how many of those expired are part of the new?

% of properties under contract is 3.8%. Down from last year.

The median price over the past 13 months has been $304,000.

The months supply of inventory (one of my favorite statistics) for Westmont was 20.2 months in February.  Up 25% from last year when we were closer to 16 months.  This number has been increasing quickly making this a VERY STRONG BUYERS MARKET. We want to get this number closer to 4-6 months and then we can start talking normal/healthy market.

Average days on market for those properties under contract was 152 days. That is up from the 13 month average of 105 days and rising quickly.  So we are down where we want to be up and up where we want to be down.

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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Here is a quick look at median vs. average sale price in Westmont, IL for 2008:

This is the one graph I just can’t fit the numbers in ’cause they are so large.  So I’ll lay it out for you here:

• Average price in Westmont for January 2008 was $305K and the Median price was $305K.  A difference of $0.  Median price was 100% of Average price and this is based on 7 sales in January.
• Average price in Westmont for February was $376K and the Median was $236K.  A difference of $139K.  Median was 63% of Average and this is based on 8 sales.
• Average price in Westmont for March was $388K and the Median price was $315.  A difference of $73K.  Median was 81% of Average and this based on 7 sales.
• Average price in Westmont for April was $355K and the Median price was $266K.  A difference of $89K.  Median was 75% of average and this is based on 8 sales.
• Average price in Westmont for May was $372K and the Median price was $292K.  A difference of $80K.  Median was 79% of Average and this is based on 16 sales for the month.
• Average price in Westmont for June was $385K and the Median price was $330K.  A difference of $55K.  Median was 86% of Average and this is based on 11 sales for the month.
• Average price in Wetsmont for July was $307K and the Median price was $322K.  A difference of $15K in favor of Median.  Median was 105% of Average and this is based on 10 sales for the month.
• Average price in Westmont for August was $322K and the Median price was $255K.  A difference of $67K.  Median was 79% of Average and this is based off of 15 sales.
• Average price in Westmont for September was $300K and the Median was $320K.  A difference of $20K in favor of Median.  Median was 107% of Average and this is based on 11 sales.
• Average price in Westmont for October was $475K and the Median price was $544K.  A difference of $70K in favor of Median.  Median was 115% of Average and this is based on 6 sales.
• Average price in Westmont for November was $416K and the Median was $360K.  A difference of $56K.  Median was 87% of Average and this is based on 4 sales.
• Average price in Westmont for December was $372K and the Median was $312K.  A difference of $59K.  Median was 84% of Average and this is based on 11 sales.

We were talking in the office about a slight uptick in December and there are the numbers.  11 sales is pretty good….January went back down to 4 but let’s focus on the positive.  What effects these prices is a combination of Days on Market, Months Supply of Inventory and the # of Active, New and Sold listings.

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Let’s take a quick look at the # of Active, New and Sold listings for Westmont in 2008 and then we’ll talk:

Goes up in the summer in every way but look at the number of solds.?. The new listings are outnumbering the sold ones and thus the red line keeps going up.  This is why we have such a high months supply of inventory (MSI) and longers days on market (DOM.)  Westmont saw only 16 sold in May compared to 49 new ones?  Wow!

This all has an effect on the average and median sale prices which are heading down.  Buyer’s market.  Tough for a seller to stand there ground.  What I always say is don’t focus on what you can’t control.  Instead, focus on what you can like price, condition of home (inside and out) and who you hire to get it done.

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My favorite.  Months Supply of Inventory.  One of the keys that I watch when trying to get a sense of whether we’re in a buyer’s or seller’s market.  Westmont’s months supply of inventory is similar to every where else…high.

The average Months Supply of Inventory (MSI) for Westmont in 2008 was 16 months.  A normal market will yield an MSI of 4-6 months.  Anything higher puts us in a buyer’s market and anything lower would be a seller’s market.  The further we get from that 4-6 month range the stronger that market becomes for a buyer or seller.  At 16 months in Westmont we are looking at a STRONG buyer’s market.

Combine this with the # of active, new and sold listings and you get the idea that this is not a quick fix.  The pace we are selling compared to the pace we are listing is way off.  This helps add to market time and all of this combined hurts our median and average sales prices.  Right now in Westmont 6% of homes are under contract.  Example. if we had 100 homes for sale only 6 would be under contract.  Wow!  Not to insult your ability to do math I just think that saying it out loud is more effective.

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Here is a look at the average days on market for detached single family homes in Westmont, IL.  The average here is for SOLD homes and not those under contract. Take a look:

The average market time in Westmont for the year was just under 100 days or just over 3 months.  Kind of what I figured.  Note that spring market and the market times are down a little.  This is also when the home sales start to pick up.

Take this into account with all of the information and you get a pretty good picture of the current market.  Months Supply of Inventory is way up.  Average and Median Prices are down.  The number of new listings vs. the number of sold listings just adds to above mentioned inventory.  This drives the prices down.

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Here is a look at what has been going on in the Westmont, IL 60559 over the past month, 3 months, 6 months and 12 months. We’ll be taking a look at statistics including Average List Price, Average Sale Price, Market Time, Absorption Rate and much more. I think the numbers are a great way to really see what is going on but keep in mind that they are just one of many tools to help us figure out current market conditions. What these numbers don’t show is current activity such as # of showings or how many buyers are out there looking. Enjoy and let me know if you have any questions.

All statistics are pulled from TODAY’S date. These are not specific to the month of June or July but were pulled today and are reflective of this date. I like to keep things current.

The current absorption rate in Westmont, IL 60559 is: 33.93 weeks or 7.84 months.

We’ve always said that a healthy absorption ratet is between 5 & 6 months. Back in February I reported Westmont at 35.29 weeks. So we’re seeing some improvement but I’d love to see more.

Westmont, IL Last Month

• Last month we saw 17 single family homes go under contract with an average market time of 231 days in Westmont. Average List Price when they went under contract was $388,653.
• There are currently 133 ACTIVE listings in Westmont. Average market time is 199 days and the average list price is $461,744.
• 11 properties expired.  Average market time for those expired listings was 251 days and the average list price when they expired was $502,923.
• 0 have sold. Not the best of news but at least we put 17 under contract so let’s anticipate a better number next month.

Westmont, IL Past 3 Months

• Only 1 property to add to the Under Contract list of 17 from above. So 18 single family homes are under contract right now in Westmont, IL. Their average market time was 220 days.
• 26 properties expired in the past 3 months with an average market time of 236 days.
• 24 properties in Westmont have sold at an average market time of 128 days and an average sale price of $348,167. The LP:SP (List Price to Sale Price) ratio was 93%.

Westmont, IL Past 6 Months

• We saw 51 single family homes sell over the past 6 months. Average market time was 151 days. Average Sale Price was $351,287 and the ratio of LP:SP was 94%.
• 45 single family homes in Westmont expired. Average market time on those was 262 days. Avearge list price was $442,240.
• Note the list price and market time on the expired listing versus those sold and under contract. Almost always it will be higher price and longer market time. If we looked at each individual listing I’m sure we would see a number of price reductions as well. All about pricing.

Westmont, IL Past 12 Months

• Over the past year, from today, Westmont has seen 101 single family homes close. The average sale price of those 101 properties was $369,802 and the market times was at an average of 146 days.
• 94% LP:SP. Not bad.
• 113 properties expired. Past six months showed us 45 properties expire and 51 sold. Meaning the six months before that saw 68 expire and 50 sold. Trend is showing the gap between expired and sold closing but we still want to see more sold than expired. The trend also makes sense because the first six months of this year include most of the winter where we will always see more expired and less closed.

Not all bad. I would have liked to have seen a few closed over the past month it being June/July but am encouraged with 18 now under contract. Still very up and down. Take note of the market time on the expired listings versus everything else. Will always be higher as well as the pricing. I mentioned it earlier but it is worth repeating…..it is all about pricing no matter what market we are in. Being in a slow one it takes on an even more important role. Let me know if you have any questions.

Here is a look at current MLS listings in Westmont…click on below to expand the search:

Let’s take a look at Westmont, IL Real Estate over the past six months. As always we will be looking at total number of units, market time, median vs. average sales price and high vs. low price. All stats are taken from MLSNI for property Type 1 and Type 2. Westmont is a Western Suburb of Chicago. It is East of Downers Grove and West of Hinsdale and Clarendon Hills. The Burlington Northern Santa Fe Metra line runs through downtown Westmont. Wonderful parks and lots of new construction in Westmont. Similar to Downers Grove just a smaller community. You can get a half acre in a lot of neighborhoods. If you’d like to see what is going on in your area just let me know and I can customize a search just for you. Enjoy!