A look at the current real estate market by a local appraiser
Naperville is a city located in DuPage County, and Will County, Illinois. As of the 2000 census, the city had a total population of 128,358; a special census in 2003 estimated the population at 135,858. Approximately 95,000 live in DuPage County, while about 40,000 reside in Will County.
The city's municipal neighbors include Warrenville to the north, Lisle & Woodridge to the east, Bolingbrook to the south, and Aurora to the west.
Naperville experienced a population explosion in the 1980s and 1990s following the construction of the East-West Tollway and North-South tollways. In the past two decades, it has nearly quadrupled in size as Chicagoland's urban sprawl brought corporations, jobs, and wealth to the area.
Major employers nclude Bell Labs and Western Electric, Amoco Labs, Nalco Chemical, NiCor, and more recently by Edward Hospital. Tellabs and Laidlaw have corporate headquarters in Naperville, and ConAgra's Packaged Meats and Deli division's offices are also in Naperville. Also, Fermilab and Argonne National Laboratory are nearby.
According to data from the Northern Illinois MLS, there were 1458 sales of single family homes in 2007. The sales volume was down from 1706 sales in 2006. Sales prices increased with the average 2007 sales price at $512,065.00, compared to $504,997.00 in 2006. Marketing times were an average of 128 days on the market, up over the 2006 average of 83 days.
As of January 30, 2008 there are 956 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 7.86 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.
To recap 2007 for detached homes, sales volume was down -14.53%, average sales prices were up +1.39%, and the days on the market were up +54.21%. This market is oversupplied and the 956 active listings have already been on the market an average of 230 days.
The condo/townhouse market had 811 sales, down from the 870 properties that sold in 2006. Sales prices saw a decrease with the average 2007 sales price at $225,755.00, compared to $253,048.00 in 2006. Marketing times were an average of 91 days on the market, up over the 2006 average of 61 days.
There are 469 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 6.93 months of unsold inventory.
The condo/townhouse market is over supplied, sales volume was down -6.78%, average sales price declined -10.78%, and the days on the market were up +49.18%. The 469 active MLS listings have already been on the market an average of 155 days.
If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.
Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.
Citywide Services provides residential appraisal service in Naperville, Illinois. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find a real estate appraiser in DuPage or Will County contact Citywide 1-800-405-9718 http://www.appraisercitywide.com