Naperville's condos ringing up sales
The graphs illustrate the strength of the Naperville attached housing market. And were not talking just the first time buyers... but the Luxury Condo & Townhomes in Naperville too. As is expected in this "softer" marketplace... the total number of unit sales are down, conversely the average sales price has risen considerably. Throughout 2006 there were three luxury condominiums that were sold for over $1,000,000, all in DePaulo's 520 S Washington Building on the famous Naperville Riverwalk. it looks as if 2007 will bring another strong showing for the year with the anticiapted opening of the Benton Place Condominiums in the heart of downtown.
Despite there being fewer units sold... another vibrant sector has emerged, condominium conversions and they have taken the Naperville community by storm. Throughout the city large scale, successful conversions are taking place.
The First 11 Months of 2005<>
| TOTAL LISTINGS | AVERAGE DAYS ON MARKET | MEDIAN PRICE | AVERAGE PRICE | HIGHEST PRICE | LOWEST PRICE | TOTAL DOLLAR VOLUME |
|---|---|---|---|---|---|---|
| 962 | 58 | $194,000 | $215,947 | $785,000 | $90,000 | $207,741,081 |
The First 11 Months of 2006
| TOTAL LISTINGS | AVERAGE DAYS ON MARKET | MEDIAN PRICE | AVERAGE PRICE | HIGHEST PRICE | LOWEST PRICE | TOTAL DOLLAR VOLUME |
|---|---|---|---|---|---|---|
| 821 | 59 | $214,700 | $254,691 | $1,850,000 | $100,000 | $209,101,406 |
Posted by Angus at 8:25 PM
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4 Comments
Interesting posting. I'd be interested to see exactly how many conversions take place. Do you have any ideas why the top end of the market is moving in this slow market? Is Naperville starting to see an upward push on rents as part of this trend?
Thanks for the comment Jeff. I don't have the stats for the conversions, but it appears to be happening on a large scale (these start out as typically non-mls sales)
While there are large inventories of homes/condos at the luxury and custom end of the market, it's the one segment that stands out as having grown in actual transactions.
I haven't yet noticed a push on rents but it seems logical to think that with fewer available units rents would naturally rise.
Angus:
This is a useful article, as are the data you present (neat looking building). We went through a massive condo conversion period here in San Diego) but that has slowed dramatically. Most conversions were lower priced properties. I saw the same thing in Boston a number of years ago when the prices were going crazy...until the market was glutted with condos (which became almost as pricey as detached homes).
Jeff
Jeff Dowler - Thank you very much for your stopping by. Most of our conversions are lower priced as well. It's the new ones that are pricey.
Angus
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