Naperville home sales down from same time last year

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Real Estate agent Jeff Stainer, left of Naperville shakes hands with Lisa Geever after showing her a home in Naperville's Aero Estates on Tuesday, June 29, 2011. Falling housing prices have started peaking the interest of buyers, but haven't translated into more immediate sales meaning agents like Stainer show a house more times than previously necessary. | Brian Powers~Sun-Times Media

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Updated: October 29, 2011 12:38AM

A report issued in mid-June by the Illinois Association of Realtors said that home sales throughout Illinois have increased each of the last four months, suggesting that the sluggish real estate market is slowly beginning to recover.

While local Realtors and associations in Naperville say buyer activity has shown improvement throughout the spring, it hasn’t translated as yet into “sold” signs being posted at an impressive rate.

“The Illinois Association may have published certain figures, but in real estate, it’s still all about location, and sales can vary from one county or area to the next,” said Amy Robey, communications director for the Mainstreet Organization of Realtors in Downers Grove.

Figures provided by the Illinois Association shows that home sales totaled 9,736 homes sold statewide in May, a 13.9 percent increase over April’s total of 8,546. Sales statistics provided by Robey on behalf of the Mainstreet Organization show Naperville home sales at: 51 in February, 86 in March, 87 in April and 97 in May. Those figures contrast sharply when compared with the same four months a year earlier when sales posted were 53, 95, 108 and 121 homes respectively for those same months in 2010.

Jeff Stainer, associate broker with ReMax Action in Naperville, said only the best of the best are selling and at a price well below market value. And some of those sales fall through, Stainer said, as underwriters are “scrutinizing more than ever every element of the transaction.”

“You have to be in the exact subdivision or location and have completely updated everything, plus price your house below market value,” Stainer said. “The amount of showings people do today is incredible. I’ve known agents that have shown houses eight times before someone put a bid on them.

“I’ve also heard someone say they had looked at 153 homes here in Naperville, and now they were off to Geneva.”

Mary Schaefer, who serves as the communications director for the Illinois Association of Realtors, said that sales fell statewide after the government’s tax credit incentive ended. She also said pent-up demand and the historically low interest rates might explain the climb in state sales.

But Reid Pederson, general manager for john greene Realtor in Naperville, said that “shadow inventory” remains in the market as banks continue to control information about foreclosures.

“We still remain cautious about where we are in this recovery, although with our specific agency, we have set goals for this year and continue to meet them,” Pederson said. “There are homes that have gone into foreclosure and banks try to not release information about them until another home on the market sells.

“If you look at the graphs and projections, we’re still likely to be in a decline this year and perhaps halfway through next year.”

In the meantime, both Stainer and Pederson agree that the hottest product on the market right now is leasing.

“People can rent a house in 24 to 48 hours after listing it,” Stainer said. “The renters don’t need the down payment, and the owners are hoping to hold on to their equity.”