Time for your monthly installment of the Naperville single family home housing market update. As always, this information is mined via AgentMetrics which is produced by Terratatum and, as a member of the Mainstreet Organization of Realtors, I have access to. Without further ado ...
Monthly Supply of Inventory is down ... significantly
The monthly supply of inventory (calculated with under contract homes) was at a 7.3 clip in February. Comparatively, this is the first time the months are are in single digits since August 2010 and the lowest since April 2010 (5.6 MSI-UC). February 2010 was 9.3 and February 2009 was 14.4. This number is also down 29% from last month.
Absorption rate is up
The percentage of home inventory under contract was at 11% in February and homes sold were at 6%. Both of these numbers are up significantly from January and also up from the last two Februarys.
Median price and units sold have increased
For February, the median price for single family homes has increased 3% from January up to $395,000. February's median price is Naperville's highest since September 2010. February 2011's median price is also signficantly higher than February 2010 ($325,000) and 2009 ($345,000).
Naperville saw 51 home closings which is up from January, about even from February 2010 and up heavily over February 2009.
All in all these are good signs for a strengthening local housing market. As always, I urge caution while using these statistics as there's no exact was to project the market in a continued roller coaster-type marketplace. The good news is, though, if you've been following my monthly reports, the arrow has been pointing in the right direction for more months than not as of late.