March 2009 Market Statistics for Warrenville

March saw a very slow Warrenville real estate market with only three homes sold priced from $172,900 to $211,900. (Median sold price: #203,900).

In March of last year 14 homes were sol d at a median price of $213,500. That’s a 78.5% drop in sales and a median price drop of 4.5%. Average Market Time increased 20% from 140 days in Mar 08 to 168 days in Mar 09.

Today there are 20 homes under contract with an average list price of $166,605, and another 150 active listings in Warrenville with an average list price of $277,344. An average of 9.8 homes sold in each of the last 12 months. With 150 active listings, that gives Warrenville 15.25 months supply of inventory.

These numbers aren’t pretty by any means, especially for sellers, but with mortgage rates still near historical lows, and the $8,000 First Time Homebuyer’s Credit, this is a very good time to be a buyer.

While the steep drop in sales when compared to March 2008 looks pretty scary, remember that Warrenville on average the last 12 months sold 9.8 homes, so the percentage is going to be larger because of the smaller number of homes sold each month.

It remains to be seen what effect the government’s bailout and stimulus plans will have on the housing market, and the economy in general, but many economists are still predicting an end to the recession later this year, with growth beginning in 2010.

* Data according to MRED MLS (which may not include FSBO sales)