Naperville Home Prices, Trends – August 2013 Market Report

Here is the Naperville real estate report for August, 2013.  This month continues to outpace the year-ago period.  As compared to last August across all home types, there were 30.7% more listings, 33.3% more closed sales, and 14.9% less inventory available.

Fewer homes + more demand = higher prices, as we see below.

August 2013 housing statistics for naperville real estate naperville detached home stats summary august 2013 naperville attached home stats summary august 2013

Naperville Home Sales Prices

The average single-family detached home sale price rose another 5.9% over last year to $459,886.  The average attached home (condo, townhouse, etc), fell 8.9% to $167,062.  Detached home prices in the luxury price category fell 7.5% to $647,821.  Prices in the mid-range made small gains.

average naperville home sales prices august 2013average home sale prices by price category

Average Listing Prices

Home sellers’ confidence was strong as they were asking higher and higher prices.  Detached listing prices averaged $514,117, a 6.8% jump over last August.  Attached listing prices were more than double that with a 16.9% jump to $223,457.  Detached listings had the highest increase in the low and high-end ranges with the mid-level range being about flat or a slight decrease.

naperville average home listing price august 2013naperville average list price by price range

How Many Days Does It Take To Sell?

The average “days on market” to sell a Naperville home continues to plummet.  Detached homes are typically selling in just 58 days, a 46.2% tumble from a year ago.  Attached homes are taking an average of 99 days, but that’s still a 37.2% drop.  Detached homes in the mid and upper price ranges are seeing the largest decline in selling time.

how long does it take a naperville home to selldays on market by price range

How Much Are Sellers Getting?

Sellers are asking for more and they’re getting it, too.  The percent of the original list price that sellers actually receive continues to rise.  It was 95.8% for detached homes and 93.4% for attached housing.  That’s a 2.9% and 3.7% increase, respectively.  The low and high ends of the price range for detached housing are getting the biggest gains.

naperville average percent of home list price receivedaverage list price received by price range

Housing Inventory Supply

Compared to last year, the month’s supply of housing inventory was down 20.3% to 4.2 months for detached homes.  Attached homes really dropped.  Since last August, the number of homes is half of what it was at just 3.3 months.  The detached market is a little misleading because the luxury range is trailing at 7.3 months of inventory when the other ranges are at about 3 months, thus making the average look a little worse than it actually is for most homes.  3 months of inventory is a “seller’s market.”

how much housing inventory is in naperville august 2013housing inventory suppy by price range

How Many Homes Are For Sale?

The actual number of homes for sale is less than it was last year.  There were 602 detached homes available as compared to 631 last August.  Attached residences saw a bigger drop to just 196 from 307.  Detached homes in the mid-range price category actually saw about 11% more homes available this August than last.  All other price categories were flat or declined though.

number of homes for sale in naperville august 2013number of homes for sale by price range

New Listings

Some sellers are getting the hint.  Listings for detached homes rose dramatically to 262, a 44.8% increase.  Those in the higher-mid price range really took off with 71.7% more listings than a year ago.

new naperville home listings august 2013naperville home listings by price range august 2013

How Many Homes Sold?

The bottom line is that we’re seeing all these gains because homes are actually selling.  August 2013 saw a huge increase for attached housing with a 75% jump to 91 closings.  Detached homes also did well with nearly 20% more closings at 189 total units.  Detached homes in the mid to higher-end price categories had the most closings.

closed naperville home sales august 2013closed sales by price range

Summary

Despite mortgage rates not being any better than last year, we’re still seeing a stronger housing market than a year ago.  Sellers have a bit more power right now than buyers in most situations, but it’s still a good time to buy as well.

 

If you’re looking to buy or sell a home in Naperville, we can help.  Contact us below.

Contact John Reh, Naperville Realtor

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About John Reh

I moved to Naperville in 1981 and I love this city. As a Naperville-focused real estate agent, I publish this website to promote our community and help current and soon-to-be residents discover the best of Naperville homes and lifestyle. Contact me at any time.

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