Quite a year for the Condo/Townhome market in Naperville. The average sale price took quite a leap (about 14%) while the total number of transactions declined about 16% to 869 units sold (compared to the previous years 1034 units)
A large contributing factor to the average price is the advent of the million dollar condo in Naperville which prior to 2006... did not exist.
Another factor that affects these numbers is the recent spate of condominium conversions... these units siphon sales from the general market and are not generally reflected in the Multiple Listing Service.
This chart illustrate the average price by month for attached homes in Naperville, by month for a two year span.. illustrating the upward pricing 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 Naperville condos & townhomes 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 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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You're right. The advent of million dollar plus condos does skew the statistics quite a bit.
With a lot of condo construction, stats are also skewed by Active and Contract Pending in pre-construction, that may stay CP for a year or two. Other condos don't appear in the MLS so the inventory is skewed. The MLSes need to add more categories - i.e., for the year built, it could be PC for preconstruction or UC for under construction, and in each case it would be good to know the estimated completion time.