The Vice President, Strategic Growth of Coldwell Banker Realty Naperville, John Carlson, stopped by the blog to give us the latest update on Naperville’s housing market and the Naperville Housing Market Trends Report for April 2022.
Inventory, inventory, where art thou inventory? The Month’s Supply of Inventory of homes in Naperville has receded to .9 MSI—less than 1 month’s supply of homes. In a balanced market, we should have 5 to 6 month’s supply of available homes—so the seller’s clearly have the upper hand. Naperville has only 151 homes for sale at the end of March 2022 compared to 322 a year earlier—so inventory is down 53.1% year over year. The most active price range in March 2022 were homes priced between $601k-$750k—76homes in this price range went to pending in this month. If we have limited homes for sale, you will have a pullback in closings—March 2022 had 173 attached and detached homes close compared to 264 homes close last March—which is a decrease of 34.5%–WOW!
Because of this lack of inventory, it drove the average selling price up to $549,837—a 15.6% increase year over year from $475,789 last March. The average days on market for a home to sell was 18 days versus 35 in March 2021. The average price per square foot has risen to $215 per square foot in comparison to $188 in March 2021—an increase of 14.3%–that’s huge! And lastly, the selling price versus list price ratio is 101.7% compared to 98.6% in March 2021—the sellers are getting their price, leaving little room for buyer negotiation. Our hope is that just like Spring brings blossoms and flowers, so too will it bring more sellers to the market.
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.