2006 was an interesting year for residential real estate in Naperville as overall sales declined from 2005 by about 21.5% Single family detached Naperville home sales fell from 2232 total units in 2005 to 1705 total units in 2006 a decline of 23.6%
Of course the total transaction decline created an uncomfortable feeling for the many new real estate agents (over 350 agents were added over the course of one year... an increase of about 20%!)
The good news for area seller's is that while average market times increased... so did prices. The average sale price for single family detached homes in Naperville increased to $504,674 and increase of about 8.5%
An interesting phenomena in 2006 was that while transaction volume was down... in the million dollar + market... transactions were up significantly... according the Multiple Listing Service of Illinois (MLSNI) sales of custom and luxury homes in Naperville increased by a whopping 50% (which might help to explain away some of that 8.5% gain in average sale price)
This chart illustrate the average price by month for single family homes in Naperville, by month for a two year span.. illustrating the upward trend
The following chart tells a story for the immediate future of Naperville real estate in 2007. This chart illustrates the Months Supply of Inventory (MSI) meaning, how many months would it take to sell the current inventory of homes based on recent sales data... The National Association of Realtors (NAR) concludes that the market is trending towards a buyer's market when inventory supply reaches the 6 month threshold... clearly in the fall and winter market we have surpassed those numbers. It's important to remember that these numbers provide an overall feel for the market... there are many factors that play into the market conditions.
Last years total combined Naperville Real Estate compilation 2004/2005
Previous Years total combined Naperville Real Estate Compilation 2003/2004
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