Sunday, February 28, 2010

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.

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