I took a cross section of the Chicago West Suburban Real Estate Market, Naperville IL, and looked at the Absorption Rate / supply of available listings for years 2005-2008 YTD...here is what I found:
Available Homes For Sale in Naperville Priced $400K-$450K:
2005: 4.1 months supply
2006: 5.1 months supply
2007: 6.8 months supply
2008 YTD: 9 months supply
As you can see, the YTD 2008 Absorption Rate figures are over DOUBLE the 2005 figure. This suggests what we already know, that 2005 was a very active year for Real Estate in Naperville, IL! When will we know when the real estate recovery is well under way in Chicago West Suburban Real Estate? Home Field Realtors and The Home Field Team will keep an eye on the absorption rates to see how we are coming along with the recovery into the year 2009..stay tuned!
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