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.
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 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.
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 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.
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 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.
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.
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.
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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