The Managing Broker of Coldwell Banker Realty Naperville, John Carlson, stopped by the blog to give us the latest update on Naperville’s housing market.
“August saw more of the same for Real Estate—not enough inventory for our buyers. In reviewing our Month’s Supply of Inventory, it is once again at 1 MSI —meaning at the current velocity of sales, there will be no homes available for sale in 30 days. The most active price range continues to be the price range of $401k-$500k which had 57 pending sales for August 2021. We are not seeing over 2 Month’s Supply of Inventory until we reach the $750k price point. So, if you are still thinking about selling, you will more than likely have multiple suiters for your house.
For attached and detached closings in Naperville for August 2021, 340 properties closed —compared to 333 homes last August. The average closed selling price in Naperville was $529,629 up 21.8% from $434,945 in August of 2020. We are in a desert of salable properties with only 324 attached and detached homes available for sale as of 8/31/21—last August there were 565 available properties—a decrease of 42.7%. The average days on market to sell a home has plummeted to 14 days to go under contract vs 30 days to sell a home last August. The average price per square foot for sold homes in August 2021 was $196 per square foot compared to $177 price per square foot last August. And lastly, the selling price vs original list price is a robust 99.6% –meaning the sellers are getting their price.
We know this market has the seller receiving the majority of the benefits, however with 30 year conventional mortgage rates with good credit hanging around 2.75%, the buyers are enjoying a lower payment over 30 years, even if the seller is getting their price. WIN-WIN!!”
For more information, click here to download the Full Market Report.