The real estate market cooled a bit during December, 2021 for Naperville, IL closing out at 125 closed transactions compared to 153 transactions in December, 2020. Despite this drop, YTD numbers were much better with 2,204 closed sales in 2021 compared to only 2,011 in 2020. The super hot spring market which started much earlier than past years really brought in the additional 193 closings.
Currently inventory is at 93 active listings with only 4 of those being "New" and 1 being reactivated. The homes under contract are at 104 with 20 transactions already in "Pending" status on the 5th day of the new year.
With continued low inventory, predictions of interest rate increases by the Feds, starting a search for a home sooner than later seems to be the wiser thing to do.
Sellers need to make sure that their home is in the best condition before putting the home on the market since today's buyer's rarely want to do anything like "sweat equity" by buying homes that need updating. With the profusion of HGTV shows showing only one extreme or the other - those with homes that are in good condition but which may not have the latest kitchen or bath updates, latest designer colors will last longer on the market and not get multiple offers like their "move in ready" counterparts.
Whether your buying or selling reach out to me and let's get your real estate journey started Today!!