In my opinion there is one reason Lisle, IL homes for sale are having a rough summer:  the # of homes for sale.  There are some great properties out there in some of my favorite neighborhoods like Green Trails and Oak Hill Estates.  Here is a closer look at the July 2010 statistics compared to years past along with a year to date update compared to last year.  If we look at the bigger picture for year to date statistics in Lisle we can see that things are not as gloomy as July would suggest.  We are actually up in our overall median sale price when looking at everything that has sold in the first 7 months of the year.  So chin up Lisle!  It is very possible to sell your home and get it sold right!

Lisle, Illinois Real Estate Statistics July 2010

Lisle, Illinois Year to Date Real Estate Statistics Through July 2010

I think this is good news all around.  Why?  I’m glad you asked.  The original deadline to close for the tax credit was June 30th, 2010.  So I expected prices to be a little better in June ’10 than June ’09.  July was a question mark for me.  I was curious to see how it would fare compared to last year.  Some of the closings that took place in July were tax credit related.  This is due to Congress extending the closing deadline through September 30, 2010.  I was also happy to see the number of homes that went under contract.  Shows me people are out there buying in Naperville with or without the tax credit.  I know my own neighborhood Steeple Run has seen some sales this year before & after April 30th.  Let me know if you have any questions on these statistics.

Naperville, Illinois Real Estate Statistics July 2010

Naperville, Illinois Year to Date Real Estate Statistics Through July 2010

183 S Ellyn Ave, Glen Ellyn, IL 60137 (MLS # 07546873)

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This is just a quick update for those who purchased before April 30th, 2010 but have been worried that they won’t close until after June 30th, 2010.  The have officially extended the closing deadline through September 30th, 2010!!  Now, you still have to have been under contract before April 30th….that has not changed.

So breath a little easy if you were worried about your closing date.  You now have an extra three months.  This was such a good thing because so many were not able to close to no fault of their own.  The bank have been overwhelmed with closings which is great but it has caused some delays around these deadline dates.

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When I put out my market statistics for communities around Chicago I pull a large number of stats to share with you.  One of my favorites is Months Supply of Inventory or MSI.  This is a simple way to help us talk about whether or not we are in a “buyers” or “sellers” market.  A quick look at how we figure it:

Let’s say Naperville, IL has 200 properties for sale in a certain month and 25 of them go under contract in that month.  We do some simple math:  200/25 and we get 8.  That months supply of inventory for that particular month would be 8.  At the current rate of properties going under contract it would take 8 months to get rid of the current inventory.   So, now what?  What does 8 mean to you and me?  I’ll tell you.

When we are looking at the numbers once we have figured them out we have to know a few simple things.  A “healthy” MSI is 4-6 months.  Anything higher than 6 months and it is an indicator that we are in a “Buyers Market.”  Anything under 4 months and we are looking at a “Sellers Market.”  When we start seeing MSI’s that go above 10 or 20 months and we can attache the work VERY STRONG to “Buyers Market.”

Let me know if you have any questions?  I’d love to help and feel free to browse the site…you’ll find tons of monthly statistics on several Chicagoland communities.  Just stopping to search for homes?  Check out my MLS Property Search and you’ll find a state of the art search that uses Google Maps.  Enjoy!!

Let’s take a quick glance at what was going on with the Clarendon Hills real estate market for the month of February 2009.  As always you can contact me with additional questions.

• The average home price over the past 13 months is $598,000.
• The months supply of inventory for Clarendon Hills for February was 95 months.  As you’ll see later on that this is based off of 1 property going under contract.  The average over the past year was 29 months.
• Average days on market for under contract properties?  136 days for that one property.  That actually matches right up with the years average of just over 136 days.
• Percent of properties under contract was 0.9%.  Again, with only 1 under contract let’s not look much into this.

Only 4 properties have sold in the past 3 months in Clarendon Hills.  Quick reminder that Months Supply of Inventory is figured out by taking the total inventory and how many properties have gone under contract and dividing.  Very simple…let’s us know how long it would take, at the current pace, to sell everything currently for sale.  Healthy market is between 4-6 months.  Anything higher than 6 months puts us in a “buyers market.”  Right now we are in a VERY STRONG BUYERS MARKET.  I look at the average price over the past 13 months instead of month to month because it gives us a better idea of where we are trending.  Let’s look at a few more numbers:

• Total # of properties For Sale at the end of February in Clarendon Hills was 105.  Down 19% from last year.
• Total # of properties under contract was 1.  Down 86% from last February when we had 7.
• Total # of properties Sold was 3 which matched last year.
• Total # of properties that Expired off market were 11.  Up 10% from last year.
• Total # of New listings added in February to the market was 23.  Down 18% from last years 28.

Quick note on the numbers above.  Take a look at the # of Sold and Under Contract and then look at the # of New.  Notice something?  The homes coming on the market are outnumbering the homes coming off the market.  Thus, we get more added to next months inventory.  Inventory stays high which effects days on market, median price and everything else.

Questions?  Feel free to let me know if you need anything more specific.  I’m hear to help and I love looking up the statistics.  I feel it helps us get a good sense of what is going on in the market.  If you ask a real estate agent how’s the market they’re going to tell you based off of their experience.  If that agent is busy that week they’ll be optimistic.  Opposite can happen.  That is why I like the nubmers….they’re tough to argue.  Enjoy!!

Let’s take a look at how the Westmont real estate market did last month for single family homes.

Total number of properties on the market as of February 28th was 130.  That is down just 1% from a year ago this time.  Looking at the total number of properties in Westmont under contract is 5…down 29% from last year when we had 7.  Total number sold in February?  Just 1.  Down 88% from last years 8.  This is unreal…the total number of expired for Westmont single families in February was 24.  That is up 118% from last year.  We saw the same number of new listings as last year at 26.  With 1 sold and 5 under contract (6 total) and 26 new it looks like we’re adding to existing inventory.  Big question is how many of those expired are part of the new?

% of properties under contract is 3.8%. Down from last year.

The median price over the past 13 months has been $304,000.

The months supply of inventory (one of my favorite statistics) for Westmont was 20.2 months in February.  Up 25% from last year when we were closer to 16 months.  This number has been increasing quickly making this a VERY STRONG BUYERS MARKET. We want to get this number closer to 4-6 months and then we can start talking normal/healthy market.

Average days on market for those properties under contract was 152 days. That is up from the 13 month average of 105 days and rising quickly.  So we are down where we want to be up and up where we want to be down.

Just keep in mind a few things:  the statistics I’m talking about are for Detached Single Family homes.  When I’m comparing to figured a year ago I’m comparing February to February.  Anytime I talk about average Days on Market I’m looking at the average for those properties that have gone under contract.  So, when numbers are up or down they are up or down from last February.

If you like what you’re reading I’d encourage you to subscribe to this blog.  If you want to hang out and take a look around we have a wonderful Property (MLS) search that incorporates Google Maps.  If you have any questions never hesitate to contact me.  Enjoy!!

Let’s take a look at how single family homes in Downers Grove did as of the end of February 2009.

Total number of single family homes for sale at the end of February was 434 which is down 9% from last February.  Total number of properties that accepted a contract in the month was 16.  That is down 16% from last year’s 26.  Total number of sold?  15.  A drop of 12%.  Up 29% from last year are the number of expired homes at 44 for the month.  Good thing is the total number of new listings last month was down 16% from last year.  Bad thing is at 81 that number is still higher than the sum of under contract and sold.  Thus, we continue to add to an already high inventory.

% of properties that are under contract is at 3.7%. A very low number.

The median price over the past 13 months was $371,000 in Downers Grove.

We’re looking at a Months Supply of Inventory of 23.4 months in February.  That number is up 5% from last year and the average over the past 13 months was 18.1.  So we’re trending upwards making this a VERY STRONG BUYERS MARKET. A healthy/normal Months Supply of Inventory will be between 4-6 months.

The average days on market for Downers Grove was 165 days in February. This just looks at those properties that have gone under contract.  This is up 53% from last year.

Just keep in mind a few things:  the statistics I’m talking about are for Detached Single Family homes.  When I’m comparing to figured a year ago I’m comparing February to February.  Anytime I talk about average Days on Market I’m looking at the average for those properties that have gone under contract.  So, when numbers are up or down they are up or down from last February.

If you have any questions never hesitate to ask.  I would encourage you to subscribe to the blog if you like what you’re reading.  Looking for a good MLS/Property search online?  Look no further because we have a good one.  Check it out.  Enjoy!!

Let’s take a closer look at Lisle, IL real estate market statistics as of February 2009.

Total number of single family properties for sale as of February 2009 was 124.  That is up 6% from last February which saw 117 on market.  Number under contract is 5 (same as last year.)  Total number sold was 7 (same as last year.)  Total number of properties that expired in February was 13, up 18% over last years 11.  Finally, the total number of new listings added to the market in February alone was 30.  That figure is up 50% from last year.

% of properties under contract in Lisle as of the end of the month:  4%.

The average median price over the past 13 months in Lisle is $345,000.

The months supply of inventory (MSI) for Lisle was 21.2 up 5% from last February.  The average over the past year is around 20.7.  This is extremely high an puts us in a VERY STRONG BUYERS MARKET. Keep in mind a healthy/normal MSI is 4-6 months.  We go above that and we start talking buyer’s market…..well, we are way above that.  We get into the 3 month and below range and we talk seller’s market.

Average days on market for under contract properties in Lisle has averaged out to 81.9 days over the past 13 months.  Average days on market in February this year was 179 up 141% from last February. This is trending upward very quickly.

Just keep in mind a few things:  the statistics I’m talking about are for Detached Single Family homes.  When I’m comparing to figured a year ago I’m comparing February to February.  Anytime I talk about average Days on Market I’m looking at the average for those properties that have gone under contract.  So, when numbers are up or down they are up or down from last February.

If you would like me to personalize a report for you just let me know.  I can look at just condos, just new construction, just resale and a bunch more.  This way you can see where you are at compared to these general statistics.  If you like what you’re reading I’d invite you to subscribe and also spread the word.  I’ll keep putting these up for you if you keep coming back.  Enjoy!!