December Market Conditions
Detached Style Single-Family Homes
The median price of homes on the market in Naperville remained rose slightly in December, going from $569,450 in November to $574,900 in December. Also, the average price of homes sold during the month of December rose fairly significantly from $418,250 in November to $455,250. However, this signals more of a return to normal than a large advance as the average price of homes sold in November was the third lowest monthly value over the last two years. The number of homes on the market continued to drop from a high of 1,462 in June to 963 in December. During the same month, the number of homes sold in Naperville actually rose slightly from a low of 80 in November to 88 in December. The reduction of inventory coupled with an increase in number of units selling shows a reversal in the downward trends our market has been displaying lately. This caused an over-all reduction in inventory from a two-year high invetory of 11.7 months in November to 8.9 months in December.
Attached Style Single-Family Homes
The median price of homes on the market in Naperville remained fairly steady in the month of December rising from $222,500 in November to $223,000. Likewise, the average price of homes sold during the month of December also remained steady at $220,000 from a November median of $220,000. fell from $174,950 in October to $170,875. As was the case with detatched style homes, the number of attached styles homes on the market dropped substantially during the month of November, from 443 units in November to 399 in December - the lowest number since April of this year. However, the number of homes sold during the past month also dropped from 47 to 41 - a two-year low. The reduction in inventory is a welcome sign, but demand must go up for attached single-family homes in Naperville to completely reverse the slide. Consequently, the supply of inventory in December remained at a high of 7.8 months - the third highest over the past two years.
Please visit my website to download graphs and raw data of Naperville Real Estate Market information.
Comments(0)