Here is the Naperville real estate market summary for June, 2013. Overall, we’re still seeing positive news for sellers across all price ranges. Buyers are suffering more and more right now though. With that said, let’s first start with how much homes are selling for.
Naperville Home Prices
The average home price in June, 2013 was $385,768. This is an increase of nearly 8% over last June’s average of $357,805. When we break down sales into price range groups, we see that prices have gone up in all ranges until we step into homes priced more than about $525,000. On average, prices in that range have come down 2.8% over the past year to an average of $645,428.
Average Listing Prices
The average price people are asking for their home was virtually unchanged from last year at $446,210. Since the beginning of this year, listing prices have ranged between about $460K and $420K. In the price range bands between $230,000 and $525,000, listing prices have gone up from last year. But in the high and low ranges, listing prices have gone down about 6%.
Days On Market
How long it takes a home to sell keeps dropping. In June, the days on market dropped 37% from last year to 71 days. Note that just 2 years ago the average market time was double what it is now at 141 days! Price breakdowns show that all price bands showed a significant drop in how long it takes a home to find a buyer. In the $230K to $360K range, the time dropped 61% from last year. That’s a huge difference.
Percent of List Price Received
Sellers continue to get more and more of the price they’re asking. June sellers this year received 96% of what they were asking. This is up about 4% from last year and more than 6% from 2 years ago. Sellers in all price ranges saw increases with the $230K to $360K price band doing especially well in receiving over 98% of their asking price.
Housing Inventory Supply
The number of homes for sale in Naperville keeps dwindling as well. Last month’s supply of inventory was down about 44% year over year to just 3.8. This is a fraction of the 11.6 months of supply that was on the market 2 years ago. As a point of reference, a “balanced” home market has about 5 months of inventory. At just 3.8, this is an indication that it’s bit more of a seller’s market right now. As more fuel on this fire, note that the high end of the price market is completely throwing this average way off. Looking at the lower and middle price ranges shows us that inventory for these homes is between 2.7 and 3.2 months. That’s definitely a seller’s market.
Number of Homes For Sale
Months’ supply is down because the number of individual homes for sale are down. With just 743 homes on the market in June, that’s 29% fewer than 12 months ago when there were 1,045 available. Across all price ranges, the quantity of homes is down sharply from a year ago.
New Listings On The Market
Part of the reason that there are so few homes available is because there just aren’t that many new ones coming on the market. There were 367 new Naperville home listings last month which was about even with the 365 in June, 2011 and only up a little bit as compared to last June. The high and low ends of the market had increases in listings while the middle market had decreases.
Number Of Homes Sold
312 homes sold in Naperville last month. This is a 17% jump from last year’s 267. The sellers who are benefiting the most are at the high end where the number of homes sold skyrocketed 67.4% over the last year.
Buyers are losing ground to sellers. Because prices and the housing market are strong, not only are there fewer homes available at higher prices, but mortgage rates are also now going up. This is making it harder for buyers to find and then afford the homes they want.
If you’d like more information on the local market and/or what it takes to successfully buy or sell, let us know and we can help.
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