GOOD NEWS!!! Positive Price Trend observed... finally!

The graph above shows the annualized mean sales price by quarter for detached housing in the City of Naperville, IL.  It shows a downward trend after the market peaked in January 2008. 

According to current apprasials I am working on, in the 12 month period between 3/1/2009 and 2/28/2010, the average sales price in all of Naperville is $442,081. 

As you can see, at the end of the year, for the period between 1/1/2009 and 12/31/2009, the mean sales price was $438,523.

This is the first evidence that our market may actually see positive appreciation taking place.  It is an approximately 1% increase after the first two months.  Most definitely good news that we have been waiting a long time to hear.

I will continue to monitor other communities throughout the Chicago marketplace to see if similar trends exist in any other areas.