Eileen's Naperville Single Family Stats for May, 2008

Once again the Case-Shiller monthly report shows that prices are down nationwide by as much as 20 percent in some markets, and inventory is up even more.

Currently we see the following market statistics:

ACTIVE NAPERVILLE SINGLE FAMILY LISTINGS

Bedrooms #Active Avg LP Avg Market Time

ALL   1363   673,873    186 DAYS 

3       296   381,558    147 DAYS 

4       860   675,863    190 DAYS 

5+    180 1,194,897    236 DAYS

56%, or 361 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.

However, did you notice that the average price is lower? (Take a look at my earlier monthly reports)

Where are the buyers? If my experience is any indicator, buyers are renting and afraid to buy because their home value could fall.

Yet, I think that this is actually a good time to buy. There’s not much competition; sellers are ready to sell; and interest rates are still on the low side. If you’re going to stay in your home for more than five years, you’ll do ok. It’s the same principal of buying a stock when it falls and everyone hates it. Takes guts…but also makes you money. 

Stats courtesy of MLSNI