The Branch Vice President of Coldwell Banker Realty Naperville, John Carlson, stopped by the blog to give us the latest update on Naperville’s housing market report for February 2022.
The broken record continues—we have a supply chain problem—NO INVENTORY. If you were a seller, this is the opportune time to decide to list your home. The strongest indicator of a seller’s market is the metrics of Month’s Supply of Inventory which as of February 28, 2022, has a minuscule amount of 1 month’s supply of inventory. Meaning, given the current velocity of homes selling, if no new homes enter into the Real Estate Market, we will have no homes to sell in 30 days. Luckily for the market, March, April, and May see the most inventory coming to the market, and hopefully this will rescue the lack of available homes for buyers. There were 269 homes that went to pending in February, with the most active price range of $401K-$500k which had 55 homes go under contract. As of 2/28/22, there are only 121 homes (attached and detached) available for sale. Just to put this into perspective, there were 279 homes available for sale on 2/28/21, and 702 homes for sale on 2/28/20. It’s hard to sell homes, when few are available for sale.
February 2022 saw 121 attached and detached homes go to close compared to 177 homes last February. The average closed price jumped to $509,515 up from $471,277 in February 2021, which is a robust 8.1% rise in prices year over year. The average days on market is up slightly to 37 days on market. The average selling price per square foot is at $212, up from $182 price per square foot in February 2021—an increase of 8.6%. And lastly, the selling price vs original list price is 99.8%, meaning the seller is getting their price, with little to no variance from the asking price. Word to the wise, if you are a buyer—BUY NOW!! Interest rates are surely on the rise in the new term and through 2022. Every 1% increase in interest rate will raise your principle and interest payment by 11%–on a $4,000 mortgage payment that would $400 more per month, $4,800 more per year, and $144,000 over 30 years. Buy now and take advantage of these still rather low interest rates, while they are still obtainable.
For more information, click here to download the Full Market Report.
Click here to download the Market Report by Price Point.
Ready to buy or sell your home? Contact The Ville Team today at (630) 420-8834.