More new MLS listings are arriving, while, a lesser number are being sold – a continuing imbalance. The western suburbs have a 7+ month inventory; balance occurs with a 4-5 month inventory. It’s a continuing buyer’s market condition, and, there is little expectation for price improvement.

Historically, the winter market represents the marketing period with the fewest new transactions. Holidays, snow, and, colder temperatures, tend to diminish buyer and seller enthusiasm. For this reason, very realistic original listing prices are essential to compete with the seasonal impact, as well as, other listing competition. Sales are still being reported at about 1/3 the rate of new listings, indicating a continuing buyer’s market.

A continuing disparity between homes under contract and new listings reported appears to exist in Naperville, IL. Presently, new listings are more than twice the number of reported sales. Stabilization or price increases can not occur without more sale/listing balance. (Based on statistical analysis of Real Estate sales and listings last 14 days.)

Sept 2010: In both communities there is an inventory increase of detached single family homes which impacts the potential for sales price increases. Naperville: 73 reported sales contracts on existing listings and 147 new listings. Plainfield: 62 reported sales contracts on existing and 125 new. In both cases new listings are more than twice the number of pending sales reported. A buyer’s market continues in our area.

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