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!

I know I say this alot, but I really like this statistic.  It’s something I admitadly never really looked at as a percentage but for sure see the value in it.  This chart takes a look at all single family detached homes sold in Du Page County for 2008:

Any way you slice it, chart it, graph it or whatever they are all telling us the same thing.  Market time in Du Page is up as is the Months Supply of Inventory.  Down are the average and median prices as well as the percent of homes currently under contract.  I mean think about this…if there are 100 homes for sale in April (which saw the best % of homes under contract) then 7.7 of those homes were under contract.  Out of 100.  Crazy.  The average % of homes under contract for all of 2008 was just under 6%.  Be on the lookout for a post regarding the stimulus package and what goodies are going to be attached for potential home buyers this year (and not just first time buyers.)

Here is one thing I’d like to ask.  Which of these charts do you like?  I love putting them together but feel a few of them tell us the same thing just in a different way.  I like Months Supply of Inventory and this chart on % of Homes Under Contract.  Do we need days on market or can I just talk about?  Tell me what you think and I’ll keep putting them out there.  Enjoy!

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.

Let me know if you have any questions.  I’d love to put something together specific to your needs.  Also, please subscribe if you’re interested in the blog and spread the word.  Enjoy!

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.

Hope you enjoy.  Please subscribe if you like what you’re reading.  Spread the word.  If there is anything you’d like me to look into just ask.  I’m here to help.

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.

Enjoy.  Let me know if you have any questions.  If you would like to see something specific just let me know and as always feel free to subscribe to the blog.

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.

Let me know if you have any questions.  If you don’t see you’re community talked about in this blog and would like to chat just contact me.  I would also invite you to subscribe to the blog if you like it.  Nothing says you like me like a subscription.  Enjoy!

Although Month Supply of Inventory is probably my favorite statistic I think the following chart is one of the most dramatic.  This takes a look at number of currently active listings, number of new listings and number of sold listings for each month in 2008 in Lisle, IL.

Okay.  Take a look at that.  Normally we want to see all of these lines a little closer together.  The fact that the new listings are outperforming the sold listings mean adding to the current inventory instead of taking it away.  Thus, we have a high months supply of inventory (MSI.)  Look at the summer market and you’ll see all numbers increase.  New listings go up which adds to the total number of active and the number of sold does go up but not enough.

Anytime anybody asks me why prices are decreasing in most areas of why it’s taking so long to get things sold I love to show this chart just because of the visual and how it explains it all.  Lisle is not the only area with this…it’s everywhere.

If you would like me to put something together for your specific area just let me know.  I enjoy the numbers as they tend not to lie.  Agents don’t lie they just perceive things differently.  If an agent puts a couple deals together they may think things are picking up when in fact they are not.  While on the other foot you could have an agent who has not sold anything in months while the rest of the market is on an upswing.  Good luck and bad luck are a little tougher to chart.  Please subscribe to the blog or let me know how I’m doing.  I’d love to hear your feedback.  Enjoy!

This is one of my favorite statistics to look at and get a true sense of what is going on out there.  Months Supply of Inventory is a great way to look at whether we are in a buyer’s or seller’s market.  Here is the overview for 2008 in Lisle:

When looking at Months Supply of Inventory for Lisle just keep in mind that a “normal/healthy” market is 4-6 months of inventory.  If we’re below that number, say 3 months of inventory, then we are in a strong seller’s market.  If we are above that numbers, say 12 months, then we are in a strong buyer’s market.  These numbers are way up all over the country not just here around Chicago.  Thus, we are in a very strong buyer’s market.

The average MSI (months supply of inventory) for Lisle is 18.5 months.  That’s high.  Even with Average Days on Market being lower than I expected this is actually higher than I thought.  A closer look at the graphic containing # of active, new and sold for Lisle will give you a good sense of why these numbers are so high.  We hit a high for Lisle with 44 months in July because of all the new listings coming on the market for the summer.  Notice the spring market with numbers like 6.8 in April and 6.9 in June.  This is when most of the buyers come out and start buying up the properties that just came on the market or were left over from the winter.  Make sense?

“Great time to buy” is what we’re all hearing and saying and this is why.  If you have any questions feel free to contact me.  If you don’t see your area and would like to know your Months Supply of Inventory I’d love to put something together.  Just ask.  If you like the statistics and would like to subscribe to this blog fell free….or if you’d just like to let me kow what you’re thinking that’s cool too.  Enjoy!

Wondering what the average and median sale price of homes were in Lisle, IL for 2008?  Look no further.  I’m in the middle of my year in review and this is one of the vital statistics.  These statistics, and all of my stats, are based on DETACHED SINGLE FAMILY HOMES.  Take a look and we’ll discuss:

The numbers are tougher to fit into the chart compared to other categories so we’ll lay it out here:

• Average Price in Lisle for January (blue) was $459,000 and the median price (red) was $422,000.  That’s a $37,000 difference.  Median price was 92% of average price in Lisle.  Based on 8 total sales for the month.
• Average Price for for February was $350,000 and the median price was $329,000.  A $21,000 difference.  Median price was 94% of average price.  Based on 7 sales.
• Average price for March was $388,000 and the median price was $428,000.  A $40,000 difference in favor of median.  Median price was 110% of average price.  Based on 5 sales.
• Average price for April was $481,000 and the median price was $392,000.  An $89,000 difference.  Median price was 81% of the average price.  Based on 11 sales.
• Average price for May was $302,000 and the median price was $272,000.  A difference of $30,000.  Median price was 90% of the average price.  Based on 13 sales.
• Average price for June was $325,000 and the median price was $300,000.  A difference of $25,000.  Median price was 92% of average price.  Based on 21 sales.
• Average price for July was $398,000 and the median price was $392,000.  A difference of $6,000.  Median price was 98% of average price.  Based on 21 sales.
• Average price for August was $321,000 and the median price was $306,000.  A difference of $15,000.  Median price was 95% of average price.  Based on 4 sales.  Wow!
• Average price for September was $369K and the median price was $372K.  A difference of $3K.  Median price was 101% of average price.  Based on 12 sales.
• Average price for October was $425K and the median price was $361K.  A difference of $64K.  Median price was 85% of average price.  Based on 8 sales.
• Average price for November was $335K and the median price was $335K.  A difference of $0.  Median price was 100% of average price.  Based on 3 sales.
• Average price for December was $334K and the median price was $315K.  A difference of $19K.  Median price was 94% of the average price.  Based on 2 sales.

I’d pay attention to the spring/summer months as they have a bigger sampling.  Take price into account with Days on Market (DOM,) Months Supply of Inventory (MSI,) and # of active, new and sold listings and you get a pretty extensive look at the Lisle market for 2008.  Let me know if you have any questions.  If you like the blog feel free to sign up for feed updates or email updates in the top right corner.  Enjoy!