Naperville & Wheaton Real Estate Blog

Frustrated that your home is not selling or don’t understand why it’s not selling?  Jay Papasan, of Keller Williams Realty, explains why…

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If you live in Wheaton or Naperville and want to see how our unique “5 Star Marketing Plan” will get your home sold, give us a call today!

Listening to all the news talk about the housing market and wondering how Naperville real estate fits into all of this?  I have pulled some statistics that show how Naperville’s housing market is holding up from 2009.  These statistics were pulled with the month end of July 2010.  Here is a current snapshot….

Month of July                 2009            vs.             2010

Units Sold                         197                                127
Units for Sale                    1,632                              1,508
Median $ (Sold)                 $350,000                        $410,000
Median $ (For Sale)            $374,900                        $354,925
$ per Sq Ft                       $151                              $169
Sold $ to Original $            91%                               89%
Average DOM                    141                                 142
Months Supply                  12.1                                14.5

As you can see, the activity concerning the number of homes that have sold has dropped considerably from July 2009 to July 2010.  Almost a 36% drop in activity.  That being said, it appears that the tax credit had a major effect on the number of closed sales.  Since February of 2010, every month up until July saw a rise in units closed of at least 20% compared to 2009.  Those are great numbers.  Hopefully, this is just a little hiccup and not a sign to come.

Another interesting number is to see the average dollar per square foot number rise from $151 to $169.  That is over 10%, also a great number to see.  That reflects that value is holding and inching upward.

There remains a lot of homes for sale in Naperville, which is always a concern as pricing is subject to the law of supply and demand.  Another interesting trend that I am seeing is that foreclosures and short sales are no longer seeing price drop after price drop.  Recently it seems that these distressed properties in Naperville are selling at or above listing price with multiple offers.  To me, this is a great sign for the market.  It should indicate that pricing has hit, or is near, bottom.

If you have any questions or comments, please let me know as this is an open discussion forum.  I would be lying if I told you I had all the answers, as nobody knows what the future holds.  All I can do is look at the data and interpret it the way I see it.

If you would like to search all Naperville homes for sale, please visit our Naperville web page.

If you would like to search all Naperville foreclosures for sale, please visit our Naperville Foreclosure web page.

And as always, if you need help selling or buying a home in Naperville, please contact me directly! 

I appreciate you taking the time to read my random thoughts and again, please feel free to join the discussion :)

Pete

Well..here are the numbers, real estate market trends that is, for Wheaton looking back from July 1, 2010 compared to 3 months ago, 1 year and 2 years ago.  Although the numbers may look depressing for some, in all actuality, compared to the surrounding areas Wheaton has held up quite well.  I think that is due to its location to transportation such as train, highway and also that Wheaton is a very conservative town that during these financially turbulent times has been a rock of strength.  There are much less foreclosures and short sales in Wheaton compared to surrounding cities.

July 1, 2010

418 active listings on the market
Average list price = $489,130
Average sale price = $366,725
Months supply of inventory = 9.89 months

April 1, 2010

Average sales price = $378,624
Months supply of inventory = 10.11

July 1, 2009

Average sales price = $419,446
Months supply of inventory = 11.70

July 1, 2008

Average sales price = $416,077
Months supply of inventory = 10.39

Average Sales price Trends as of July 1, 2010

3 month average selling price trend = -3.14%
1 year average selling price trend = -12.57%
2 year average selling price trend = -11.86%

Average Months Supply of Inventory Trends as of July 1, 2010

3 month average months supply of inventory trend = -2.14%
1 year average months supply of inventory trend = -15.46%
2 year average months supply of inventory trend = -4.78

Considering the overall financial climate of Chicagoland, the State of Illinois and the USA, these numbers really aren’t too bad.  My personal opinion is that we will continue to see a difficult housing climate in Wheaton for several more years.  Ultimately, I don’t see a big improvement until unemployment is reduced.  I also don’t envision Wheaton losing much more value.  I think that we will sort of drift for the next couple of years along the current level and that housing values will not go up or down all that much.  Again, this is just my opinion as anyone who tells you they have the answer are completely out of line.  Nobody knows where this economy or housing market is going for sure.

If you would like more information about the Wheaton housing market, please feel free to email me or call.  I am at your service!

To look at homes for sale in Wheaton, please visit our website page of Wheaton

This report from CBS News is great news for home-buyers in Wheaton and Naperville who are under contract to buy a home but worried about closing by the June 30th deadline.  If you have any questions about this or are looking for a Realtor in the Wheaton or Naperville area, please contact us today!

Here is the story from CBS News…

The Senate on Wednesday approved a plan to give home-buyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The proposal, approved by a 60-37 vote, would only allow people who already have signed contracts to finish at the later date. About 180,000 home-buyers who already signed purchase agreements would otherwise miss the deadline. Reid, D-Nev., added the proposal to a bill extending jobless benefits through the end of November. Nevada has the nation’s highest foreclosure rate, and Reid is facing a tough re-election campaign. The Realtors group has been pushing hard in Congress for the extension. Mortgage lenders, the trade group says, have been swamped with borrowers trying to get approved by the end of the month. Many potential borrowers are unlikely to make the deadline. “If Congress fails to act promptly, then prospective home-buyers might not get the benefit of the home-buyer tax credit, even though they have completed contracts,” the Realtors said a a letter to lawmakers. First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500. The $140 million cost of the measure would be financed by denying businesses the ability to deduct from their taxes punitive damages paid when losing lawsuits or judgments.

Here is a quick clip that discuss the process of buying a short sale in the Wheaton / Naperville area.  I hope you find it useful in educating yourself on the process.  If you have any additional questions, please feel free to email me or give me a call!

If you are a homeowner and interested in getting more information on how to get a short sale started or if you are a buyer interested in purchasing a short sale or foreclosure in the Wheaton / Naperville area, please call today!

The current statistics are out for Naperville homes for sale.  Below are the last 3 months housing (single family only) statistics for listings in Naperville.  DOM = Days on Market.  MSI = Months Supply of Inventory.

As of March 1…             # Actives             DOM                MSI

$0 - $299,999                 108                  193                  4.11
$300,000 - $499,999       294                  192                  5.36
$500,000 - $999,999       280                  262                  12.09
$1,000,000 - $1,999,999   97                  475                  25.30
$2,000,000+                     18                  502                  108.00

As of April 1…                 # Actives            DOM              MSI  

$0 -$299,999                   124                  165                 4.47
$300,000 - $499,999        336                  158                 5.84
$500,000 - $999,999        302                  236                 12.04
$1,000,000 - $1,999,999   95                   466                 23.75
$2,000,000+                     19                   515                 114.00

As of May 1…                    # Actives          DOM                MSI    

$0 - $299,999                  138                  175                 4.77
$300,000 - $499,999        358                  149                 5.85
$500,000 - $999,999        307                  236                 11.00
$1,000,000 - $1,999,999    99                  456                 24.24
$2,000,000+                      16                  572                 96.00

You can see from the above information that single family housing in Naperville up to $499,999 is actually in balance.  Generally speaking, when MSI is between 4-6 months, the market is said to be in balance.  Any number above 6 is considered to be a buyer’s market and any number below 4 is considered to be a seller’s market.

These statistics are courtesy of Robert E Headrick & Associates, Inc, a leading local appraisal company.

If you would like more detailed information or have questions about the data above, please do not hesitate to contact us.  We would love to help for all of your real estate needs.  If you are looking for a Realtor in Naperville, we would love to be your choice as well

If you want to search the MLS for homes in Naperville, please visit our Naperville page.    

Thanks for visiting!

Wondering what the real estate market statistics are likein Wheaton?  The latest housing statistics in Wheaton have been released.  Below are statistics from the last 3 months of single family listings data (townhouses/condos not included). 

WHEATON HOUSING MARKET STATISTICS

as of March 1, 2010        # of Active Listings       Avg DOM          MSI

$0 - $299,999                       117                         186             9.06
$300,000 - $499,999             122                         188             7.32
$500,000 - $999,999             92                           259             16.73
$1,000,000 - $1,999,999       21                           379              22.91
$2,000,000+                         3                             173             36.00

as of April 1, 2010           # of Active Listings      Avg DOM          MSI

$0 - $299,999                       130                         180              9.57
$300,000 - $499,999             132                         168              7.40
$500,000 - $999,999             99                           269              16.73
$1,000,000 - $1,999,999       22                           355              29.33
$2,000,000+                         2                            208              No Sales

as of May 1, 2010             # of Active Listings      Avg DOM        MSI

$0 - $299,999                       134                         164              8.60
$300,000 - $499,999             139                         161              7.41
$500,000 - $999,999             100                         263              16.22
$1,000,000 - $1,999,999       25                           347              33.33
$2,000,000+                         2                            238              No Sales

These statistics are courtesy of Robert E Headrick & Associates, Inc, a local appraisal company that is a leader in the industry.

If you have any questions about the statistics above or have questions, please feel free to contact us.  We would love to help your with any of your needs and to be your Realtor of choice.

If you would like to search the MLS for homes for sale in Wheaton, please visit our website.

Thanks for visiting!

One of the best locations in Wheaton sitting along a quiet, tree-lined street in the High Knob subdivision.  Located at 447 Carrol Gate, this home has been updated throughout.  Newer kitchen, bathrooms, windows, roof, addition off of the family room….the list goes on and on.  A few features include hardwood flooring throughout the home, wide-open floor plan, recessed lighting.  The new kitchen boasts Amish made custom maple cabinets, large butcher block center island, plenty of windows, huge eating area and it opens to the the large family room. 

Take a look at the virtual tour, no doubt you will see the value here!  This home is priced to sell at $529,900.

If you want to make a private appointment to view this home, please contact us at 630-688-4560.  You won’t be disappointed. 

To view more homes for sale in High Knob and the surrounding subdivisions in Wheaton, click on Wheaton Homes for Sale.

Look no further for you Naperville condo than 2247 Petworth Court!  First off, you can’t beat the location on a cul-de-sac, backs to the woods and is about a 150 yard walk to a wonderful common playground!  Very sharp unit that is in move-in condition.  The condo features 2 bedrooms, 2 bathrooms and has vaulted ceilings in the living room and dining room.  Both bedrooms have walk-in closets.  The entire unit enjoys plenty of light.  Updated eat -in kitchen has newer cabinets, breakfast bar and views of the woods.  While sitting on the deck, you will enjoy the tranquil setting.  The 1 car garage has plenty of storage.  Take the virtual tour…

Act before April 30th and take advantage of the 1st time home buyer’s tax credit.  To set up a private viewing of this Naperville condo, call us today at 630-688-4560.

To view all homes, townhomes and condos in Naperville

The Arrowhead subdivision along with the High Knob subdivision are holding their annual garage sale on Saturday, May 1, 2010 from 9am-3pm.  There will be over 40 homes holding a garage sale, with maps of these homes placed at the entrances of the subdivisions.  Come on out and find the deals.

If you are looking for sale items relating to twins, such strollers, clothes, etc stop by 1831 Wingate Lane!

When visiting Arrowhead and High Knob and you decide that this may be a place you would like to live, search our Wheaton website!  You can easily search all homes on the MLS by price or subdivision.