Eileen's Naperville Single Family Stats for April, 2008
Once again the Case-Shiller monthly report shows that prices are down nationwide by as much as 13 percent in some markets, and inventory is up. In fact, according to a report yesterday, the U.S. has never had as many vacant homes as we have now. And, many economist are predicting that we've yet to hit bottom. When we do hit, it’s going to hurt...more!
Currently we see the following market statistics:
ACTIVE NAPERVILLE
SINGLE FAMILY LISTINGS
Bedrooms #Active Avg LP Avg Market Time
|---- ---- -------- ------- ----------- ----------
| ALL 1309 671,256 188 DAYS
| 2 27 352,301 190 DAYS
| 3 284 386,367 147 DAYS
| 4 833 673,079 192 DAYS
| 5 + 165 1,204,603 242 DAYS
53%, or 323 homes, of all active MLS listings have sold in the past six months.
Our prices are coming down as are days on market. Not by much, but every bit helps. There is an additional 100 homes on market since the March report. All signs of a Spring market. However, did you notice that the average price is lower?
Where are the buyers? If my experience is any indicator, buyers are renting. I have 5 “buyers” from Michigan, California, New Mexico, and Florida who are going to rent for at least a year. Yes, they have a new job; but, in many cases they can’t sell their previous homes. And, if the job in the Chicago Metro area doesn’t work out? Then they are not stuck with another home to sell. And, getting a mortgage now is really hard as the underwriters are demanding more documentation in addition to your first-born!
According to AP: The Standard & Poor's/Case-Shiller home price index of 20 cities fell by 12.7 percent in February versus last year, the largest decline since its inception in 2001. Seventeen of the 20 metro areas reported record annual declines.
The index dropped 10.7 percent in January and 9.1 percent in December.
Stats courtesy of MLSNI
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