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.
September 2021 shows the seasonality of the Naperville market. We have gone from white hot to very active. In September 2021, there were 234 single family detached and attached homes that closed compared to 321 closed properties in September 2020—please remember last year we were coming out of a pandemic and had pent-up demand from a sluggish 2nd quarter of 2020. The market is getting back to “normal”.
The average sold price was up to $463,792 compared to $429,823 in Sept 2020—up 7.9% year over year, but down 12.3% in comparison to the selling price of $528,838—which is contributed to the mix of sales going to first time home buyers. We are still in a desert of inventory with only 312 available homes compared to 507 available homes for the same time last year. The days on market to receive a contract has fallen to 15 days. The average price per square foot is $198 versus $176 dollar per square foot in Sept 2020—up 12.4% year over year. The selling price versus list price is at 99.3%–which means the seller is getting their price.
The Month’s Supply of Inventory is remaining steady at 1.3 MSI —meaning at the current velocity of sales with no additional inventory added to the mix, we will be out of homes in 1.3 months. We are surely in a seller’s market until inventory builds. The most active price range is $400k-$500k with 57 pending homes in this price point. It is not until you get to $1,000,000 price point that Naperville has an almost balanced market with 5 MSI. The upper end is showing a few signs of building of inventory, which could bode when for buyers entering into the market.
The interest rates for a well-qualified buyer for a 30 year mortgage has up ticked to 3%–but is still historically low. So, even though the buyer will be paying a higher price in comparison to past years, they could still enjoy a low payment, given a low interest rate. The Fall market will generally afford some of the best prices and values of the year, so with a strong Real Estate market, Naperville is poised to see a very active 4th Quarter of 2021.
For more information, click here to download the Full Market Report.