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.
October started the seasonally adjusted 4th quarter of 2021, and we are seeing an anticipated easing in the market. I did not say slow down, because the Real Estate market in Naperville is still VERY active. There were 225 attached and detached homes that closed in October 2021 vs 294 homes in October 2020—which represents a 23.5% decrease year over year in units. However, and this is a big however—year to date 2,793 homes have closed, compared to 2,390 closed homes in 2020, representing a 16.9% increase in closed units. The average closed price was flat with an average closed price of $459,158 in October 2021 versus $451,595 last October—a meager 1.7% increase.
The average days on market for sold properties was 19 days vs 36 days last October. The price per square foot for closed homes was a resounding $196 per square foot vs $175 per square foot last year. The list to sell price ratio has cooled to 98% (it was at or over 100% for the past few months) which tells us the buyers are negotiating and getting a little concession from the seller—last year Naperville averaged 96.6% of selling price vs list price ratio.
And now sounding like a broken record, Naperville is still waiting to build inventory with only 1.2 Month’s Supply of Inventory. A balanced market would have 5-6 months supply, so the scales are still tilted on the seller’s side. The most active price range in Naperville are homes priced at $400k-$500k which accounted for 68 out of the 319 pending sales for the month. We are seeing some signs of building inventory in the $750K+ and up price ranges, which will give the buyers more inventory to choose from, in the coming months.
Although we are still in a desert of inventory for the most part, we are not seeing 10, 15, or 20 offers on listings anymore, and the market has marginalized. Properties that are priced well, appointed nicely, and marketed thorough, are moving in this Fall Market. With the rates remaining around the 3% line for a 30 year conventional with good credit, the 4th quarter is showing little sign of a slowdown and should be good for both buyers and seller to exchange property.
For more information, click here to download the Full Market Report.