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.
The typical Fall slowdown for Real Estate, has just not happened. This is most evident in the Month’s Supply of Inventory Report which indicates the velocity (how quickly) homes are moving. The Month’s Supply of Inventory in Naperville has only .8 Month’s Supply of Inventory — meaning, given the current velocity of sales, if no additional properties come onto the market, we will have no available homes at Christmas. What a Scrooge thing to say, indeed! But, it’s GREAT if you are considering selling!
The number of closed homes are down slightly in November 2021 at 220 attached and detached homes closed compared to 231 homes closed in November 2020. The average selling price is up slightly year over year to $445,239 vs $425,493—a 4.6% increase. The inventory of available homes is at the lowest level I have ever seen with only 182 homes available compared to 416 homes last November and 706 homes available in November 2019—a desert of homes for sure! The average days on market to sell a home is 21 days, which is down from 27 days in November 2020. The average price per square foot has leveled to $195 per square foot compared to $177—that is a 10% increase over last years prices!
And, finally, the selling price versus listing price ratio is at a healthy 98.1% – meaning that seller is getting fairly close to their price, but the buyer is able to negotiate terms a little bit better than the torrid Spring market. All in all, if you are a seller or thinking about selling in the Spring—DO IT NOW!!! You have little competition and you should garner a premium for your home. If you are a buyer, please, please, please take advantage of these low interest rates, because almost assuredly, the mortgage will be on the raise in 2022, and if the rates go up by just 1% to a 4% interest rate (still historically a great interest rate) — your monthly payment, on average, will increase by 11%. There is a lot going on in the Real Estate market, so please consult one of our local Real Estate experts at Coldwell Banker Realty to make home ownership a reality.
For more information, click here to download the Full Market Report.
Click here to download the Market Report by Price Point.
Ready to sell your home? Contact The Ville Team today at 630.420.8834.