Jul. 25, 2008 - Naperville's Sales Numbers
Both the National Association of Realtors and the Illinois Association of Realtors released data on Thursday comparing June of ’07 to June of ’08 real estate sales and what we saw was not pretty.
Illinois reported sales volume (number of homes sold) for the Chicago metro area were down nearly 28% with the median sales price slipping 3.3%.
I broke out the numbers for Naperville and found us none the better. In fact we’re a bit worse off. Using sales data from the MLS I found that our sales volume was down 35% and our median sales price slipped nearly 10%!
Now before everyone begins to panic, let’s look at the numbers a little differently. We’ll start with our median sales price. June of ’07 was the highest in the past two years. If you look back, June of ’08 was actually a 1.5% increase compared to the same month two years ago (when the market supposedly peaked). The most likely reason would be the slow down in the high end of the market. Homes under $500,000 have had the strongest demand and have not seen as much of a decline.
Next let’s look at our sales volume decrease. The number of homes selling has certainly slipped. It’s difficult to spin that into a positive. But if you look at the monthly sales for the first half of ’07 and this year, you’ll see the two years are following the same trend with this year posting lesser numbers.
This data just tells us what we already know, the market is slow. If you don’t have to sell don’t. And if you do, make sure your home is priced to sell. This is not the time to test the market. On the flip side, now is defiantly the time to buy.
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Apr. 4, 2008 - Homeowner Outreach Day
The Illinois Housing Development Authority is sponsoring a Homeowner Outreach day on Saturday at the DuPage Township Levy Center. The outreach day is part of a statewide initiative to help homeowners learn their options and possibly help them refinance their homes. The state’s homeowner assistance pool has funds to help homeowners with rising mortgage costs and offers refinancing loans guaranteed by the Federal Housing Administration with favorable rates.
The Homeowner Outreach Day will be held from 9am to 1pm this Saturday, April 5 th at the DuPage Township Levy Center located at 251 Canterbury, Bolingbrook. For more information call 800-532-8785 or visit www.illinois.gov.
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Mar. 26, 2008 - February Home Values in Naperville
I have lived in Naperville my entire life and I could not begin to count how many awards this city has received, even over the recent years. Money magazine has named Naperville in the top 10 cities in the country to raise a family at least 3 times, we have the number one public library system in the country, and two amazing school districts, 203 & 204. Naperville has great shopping & restaurants giving you few reasons to need to leave but if you want to get out it’s only a short ride into Chicago. There a hundreds of reasons to live in Naperville.
Well an article in today’s Sun gives us a few more. Real estate values have traditionally been strong in Naperville and even in a weak market the city’s strong points have helped to keep our values up, at least in comparison to our neighboring cities and towns. The nine county Chicago area had February sales down 26.9% from the same month in 2007, while Naperville was only down 18%.
Naperville is fortunate because many of the things that draw its residents to move, and stay here, are the same things that are helping the property values.
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Mar. 24, 2008 - Naperville Adds New Online Services
The City of Naperville decided in last week's council meeting to contract with Virchow, Krause & Company to put city meeting minutes online. This will streamline the process for residents to find information from various city departments. It is estimated that the city will save around $3,000 a year in printing costs and they were able to eliminate a salaried position saving an additional $68,000 annually. The site is expected to be up and running by year's end. For more information read the article in today's Naperville Sun.
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Information on the real estate market in Naperville and the surrounding areas as well as information on current market conditions, forecasts, and ideas for getting homes sold.
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