The housing market in Naperville continues to get better and better.
These real estate trends show that May was another great month with improvements in all major statistical categories such as average sale price, new listings, and average market time.
Naperville Real Estate Summary
- The number of new homes for sale increased 41% from May 2012 to 2013. There were 361 new listings posted last month.
- 168 homes were sold in May, a jump of 7.7%.
- The average sale price of a Naperville home was $460,525. Great news for sellers since this is a 13.4% increase from last year.
- If you’re trying to figure out how much you can expect to sell your house for as compared to your list price, the average sale is netting 95.1% of the asking price.
- It’s currently taking about 3 months to sell a home in this area.
Average Home Sale Price
Across all price ranges, the average selling price was $460,525. If we dig deeper and break it down into separate price range categories and look at the last 3 years, we see that prices have gone up in all price categories in 2013 as compared to 2012.
Average Selling Time
The time it takes for a home to sell is a fraction of the time it took in May of 2011. In many cases, the average dropped by more than 50%!
As compared to last May, it took less time to sell for most homes. In the luxury price range, it took longer than last year but this may have some influence from a low sample size.
For most homes, it takes roughly between 50 and 70 days to sell.
Percentage of List Price Received
The sales price in relation to the asking price saw a jump across all price ranges from May 2011 to May 2012. The same can be said of May 2013 compared to last year with a roughly 2% jump. Sellers are now getting about 95% of what they’re asking for.
The supply of homes is measured in terms of how many months of supply there are. Basically, if there’s less than 3 months of supply, it’s a “seller’s market”. 4-7 months of supply is a “normal market” and 8+ months is a “buyer’s market”.
Supply has dropped by more than 30% from a year ago. For most homes in Naperville, there’s only about a 3-month supply. This is better news for sellers than buyers because sellers are ending up getting multiple offers because there just aren’t that many homes for sale.
Number Of Homes For Sale
In conjunction with the months of supply, here we see the actual number of homes for sale. There are fewer homes for sale overall across all prices. In many cases, the number of homes for sale dropped by more than half as compared to two years ago.
One of the easiest statistics to use to measure the health of the Naperville housing market is how many homes are actually selling.
Again, we see a huge increase from 2011 to 2012 as well as a significant increase from 2012 to 2013. The luxury market especially benefited with more than a 40% jump in the last 12 months.
168 total homes were sold in May.
If you need help or advice with real estate, contact an expert Naperville realtor.