Declining market you say?

I’ve had fun all year watching the sales in excess of $1,000,000 luxury homes in Naperville through the MLS.

It's the one thing everybody always wants to know about... "what's going on with all those big houses?"  I like to be ready with some basic information that generally blows them away... it's just a matter of paying attention to what people want to know.... being able to answer questions with authority off the top of your head solidifies your position as an expert .

A little background about the $1,000,000+ market in Naperville:

In 2005 there were 59 single family sales (no attached housing)
In 2004 there were 37 single family sales (no attached housing) 

There are currently 200 active listings over 1 million with 15 under contract/pending status  

But in the last year (9/27 – 9/27) there have been 85 closed transactions… 3 of which are luxury condos. 

Which means that while we have a boatload of inventory, the market hasn’t shrunk for the more expensive homes… it’s expanded. 

If we could average 85 Million + $ sales a year we would have about 28 months of inventory. This compared to the overall market average of 6.55 months of inventory using the same time frame. 

Factoring out the $1,000,000 custom and luxury homes, would bring the market supply down to about 5.9 months of inventory 

For the past year: 

Closed single family detached sales
AVG List Price $504,401 - AVG Sale Price $490,516  

Closed condo/townhome (attached) sales
AVG List Price $ 245,986 - AVG Sale Price $240,788  

The average list price of the single family expireds (unsold) was: $666,292

The current average list price for active single family homes in Naperville is: $707,391 (There is trouble in that number!) 

The average list price of the attached home expireds (unsold) was: $328,036

The current average list price for active attached homes in Naperville is: $291,024

How is your market looking?

Moo