Now that we're into August, some agents like myself are able to dive into July's sales data and try to glean interesting statistical nuggets to try and see what it all means.
In looking at the past 24 months, median and average sales price is still down anywhere from six to nine percent. This is looking at ALL single family home sales in the city of Naperville regardless of size, price, resale versus new construction, etc. I will dive into different price points, types of homes, etc, throughout this month so visit often and would be happy to pull stats upon request.
An interesting piece of information from July 2010 is that the median sales price in Naperville was $450,000 - the highest it has been since August of 2008. This marks a six percent median price increase compared to July of 2008 and a 14% increase over June 2010. There were 101 single family homes sold in July which is down from May and June of this year.
(graph was pulled off of an AgentMetrics search I did c/o Terradatum)
The sales price to original listing price in Naperville is still down 2% throughout the past two years and sat at about 89.2% for July 2010, the lowest it's been since February of 2010 (was at about 85%).
In looking at supply and demand, Naperville's inventory has decreased over the past two years by 13%, with the amount of homes under contract up 49% and closed homes up 15%. Compared to July 2008, however, homes closed in July 2010 were down 39% and also down 6% under contract. Part of that may be that the total inventory is down 15% from this time two years ago.
Months supply of inventory is down both overall over the past two years (46%) and comparing July 2008 versus July 2010 (down 13%).
That's a lot of general information, admittedly, and remains difficult to comb through to get a great feel for trends. Bob Headrick, owner of Robert E. Headrick & Associates which is a Real Estate appraisal company, agrees with the murkiness of recent data.
"Not surprisingly, the volatility of this housing market continues to express itself," Headrick wrote in his latest market pulse note to members of the local Real Estate industry, "not allowing for any clear trends as to if or when the housing market will show consistent signs of strengthening."
As noted in previous blog entries here, appraisals have been a big issue and concern as lack of quality and relevant comparables make it difficult to fight out of the downward pressure on pricing.
"Determining Market Change adjustments is a very complex issue that requires the appraiser (or any real estate professional) to analyze closed sales, active listings, pending sales, previous sales of the current closed and active data, and absorption data to name a few factors," writes Headrick.
A ray of sunshine among the confusion? It's important to note that inventory levels are down in Naperville which also seems to be the case in most suburban areas around Chicago.
This blog will continue to try and make sense of the statistical noise out there and grasp onto any actual trends that are developing, especially locally.
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