Wheaton Real Estate Guide (Q3 2023) by Kelly Stetler Real Estate

Q3 2023

WHEATON

LOCAL REAL ESTATE GUIDE

METHODOLOGY Overview of Terms and Wheaton Submarkets CLOSED: closed transaction reflecting the final sales price (does not include any seller credits) CONTRACTED: contingent or pending transaction reflecting the latest asking price CONTRACT TIME: number of days between the first list date and the contracted date (does not include time from contract to close)

NORTHEAST NORTHWEST (West of Main St. / North of Roosevelt Rd. to Geneva Rd.

(East of Main St. / North of Roosevelt. to Geneva Rd.)

HOME INVENTORY: number of homes currently available for sale MEDIAN: middle value of a given dataset (all report values are medians, which are less impacted by outliers than averages) PRICE DISCOUNTS: percentage difference between the initial list and recorded sale price

SOUTHEAST SOUTHWEST (West of Naperville Rd. / South of Roosevelt Rd. to Butterfield Rd.)

(East of Naperville Rd. / South of Roosevelt Rd. to Butterfield Rd.

PRICE PER SQ. FT: ratio of the median price to the median sq. footage of a closed transaction as a relative price measure Note: All figures represent detached single-family homes unless otherwise specified. Price range data based on the city of Wheaton. Submarket figures based on the approximate areas identified on map above and do not include every home within village limits.

MARKET SUMMARY “Seller’s Market” Continues into the Fall with Very Low Home Inventory

Closed Homes (Q3)

Lower Activity

New Home Listings (Q3)

26%

Contracted Homes (Q3)

Fewer Available Homes

Home Inventory (September)

56%

“Seller’s market” with 15+ year low of available homes this time of year

Short Market Times

List to Contract Days (Q3)

Mostly a week or less across price ranges and submarkets; fewer days from last year

Limited Price Discounts

Sale Price Discounts (Q3)

Majority of homes across price ranges and submarkets selling at or above asking price

Higher Sale Prices

Sale Price / Price Per Sq. Ft. (Q3)

Relative prices slightly below summer highs; some variability in price ranges and submarkets

14%

34%

NEW LISTINGS By Price Range

Rolling Last 12 Months (YoY%)

 New listings were down over 25% in Q3; homes priced over $800K were the only range higher (and up meaningfully)  Listings for homes priced under $600K have reached historical lows over the last 12 months (~1/3 of what they were in 2020)  Low listing activity likely to continue as market enters slower seasonal period

<$400K $600K – $799K

$400K – $599K $800K+

700 600 500

Jul. – Sept. (YoY%) '23

'22

<$400K

-38%

$400K - $599K

-30%

$600K - $799K

-37%

$800K+

65%

300 200

202 (-45%) 201 (-35%)

100

120 (-29%) 94 (-17%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

400

By Submarket

Rolling Last 12 Months (YoY%)

 Q3 experienced lower new listing activity across Wheaton submarkets; Southeast was down the least for the quarter

Northwest Southwest

 All areas are down more than 30% over the last 12 months (Northwest down 45%+)  Wheaton submarkets currently at longterm historical lows for new listings

Northeast Southeast

525 450 375

Jul. – Sept. (YoY%)

300

'23

'22

Northwest

-32%

Northeast

-41%

Southwest

-36%

Southeast

-15%

225 150

176 (-36%) 147 (-34%)

105 (-46%) 99 (-31%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

CONTRACTED HOMES By Price Range

Rolling Last 12 Months (YoY%)

 Contracted homes declined nearly 15% for the quarter; homes priced over $800K were the only range higher (by one house)

<$400K $600K – $799K

 Contracts in July were up slightly, August down almost 20% and September down nearly 30% as activity sequentially softened

500

 Contracts likely to continue declines based on fewer new listings and low inventory

400

Jul. – Sept. (YoY%)

300

'23

'22

<$400K

-22%

$400K - $599K

-14%

$600K - $799K

-9%

$800K+

10%

200

169 (-38%) 156 (-39%)

100

84 (-34%) 57 (-2%) '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

$400K – $599K $800K+

By Submarket

Rolling Last 12 Months (YoY%)

 Wheaton submarkets were lower for Q3 with the largest declines in the Northeast and Southwest

Northwest Southwest

 Contract activity across areas down more than 50% over the last couple years (which is less than listing declines)

300

 Contracted homes evened out in the quarter (all areas 20 – 25 contracts)

250

Northeast Southeast

200

Jul. – Sept. (YoY%)

150 '23

'22

Northwest

-5%

Northeast

-31%

Southwest

-29%

Southeast

-7%

100

84 (-43%) 84 (-28%)

50 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

133 (-31%) 109 (-40%)

CLOSED HOMES By Price Range

Rolling Last 12 Months (YoY%)

 Closed homes decreased nearly 35% in Q3 primarily driven by homes under $600K as well as over $800K

<$400K $600K – $799K

 Both July and September saw 50%+ declines, but August was slightly up (consistent with higher July contracts)

500

 Closing activity following overall declines in contracts with low home availability

400

Jul. – Sept. (YoY%)

300

'23

'22

<$400K

-35%

$400K - $599K

-44%

$600K - $799K

-9%

$800K+

-35%

200

163 (-43%) 159 (-46%)

100

92 (-26%) 54 (-17%) '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

$400K – $599K $800K+

By Submarket

Rolling Last 12 Months (YoY%)

 Wheaton submarkets all lower for Q3, including the Northeast and Southwest both down 45% or more

Northwest Southwest

 Like contracts, the quarter was mostly balanced for closings (all areas similar)  Northwest is down the most over the last 12 months despite performing relatively better in Q3 versus other areas

Northeast Southeast

300 250 200

Jul. – Sept. (YoY%)

150 '23

'22

Northwest

-31%

Northeast

-45%

Southwest

-47%

Southeast

-23%

100

88 (-29%) 82 (-49%)

50 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

137 (-34%) 109(-44%)

HOME INVENTORY By Price Range

Sept. Quarter End (YoY%)

 Available homes declined over 55% in Q3 from levels that were already historically low

<$400K $600K – $799K

 Homes priced over $800K currently represent 40%+ of all inventory with this price range decreasing the least  Scarce inventory expected to continue driving “seller’s market” conditions

$400K – $599K $800K+

240 210 180

Sept. Trends (Relative%)

120

75%

18% 12%

19% 15%

18% 16%

23% 17%

41%

50%

36%

33%

34%

31%

11% 20%

34%

33%

31%

28%

27%

'19 '20 <$400K $600K – $799K

'21

'22 '23 $400K – $599K $800K+

25% 0%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100%

150

18 (-22%) 12 (-57%) 9 (-71%) 5 (-71%) 10

By Submarket

Sept. Quarter End (YoY%)

 Home inventory is down meaningfully across all Wheaton submarkets

Northwest Southwest

 Extremely limited home availability in all areas; two submarkets have less than 10 homes and the other two less than 15 homes  Relative mix of inventory shifted to North areas (now almost 70% of total home inventory) over last couple years

Sept. Trends (Relative%)

75% 50% 25% 0%

150 135 120 105 90 75

18% 35% 29%

20% 31% 29%

13%

12%

39%

31%

26%

34%

11% 20% 37%

45 30

31%

20%

22%

23%

'19 '20 Northwest Southwest

'21

'22 '23 Northeast Southeast

18%

15 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100%

Northeast Southeast

13 (-55%) 11 (-45%) 7 (-74%) 4 (-60%) 11

CONTRACT TIME By Price Range

Rolling Last 12 Months (YoY%)

 Days between listing date and contract signing have been low (mostly less than two weeks) for a couple years

<$400K $600K – $799K

 Homes mostly sold faster in Q3, except those priced $400K – $600K (only a day longer)  Expect contract times to remain short with very limited home availability

$400K – $599K $800K+

175 150 125

Jul. – Sept. (YoY%)

100

'23

'22

<$400K

-50%

$400K - $599K

-40%

$600K - $799K

17%

$800K+

-25%

75 50 25 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

10(-9%) 8(+33%) 7 (-22%) 7 (0%) 12

By Submarket

Rolling Last 12 Months (YoY%)

 Contract times were fast (under 10 days across submarkets) during the quarter with fewer closings  Northeast days extended in Q3 (only a day) and this area has the longest time to contract over the last 12 months  Homes on the market for more than two weeks could be overpriced or have other factors impacting time / interest

Jul. – Sept. (YoY%)

Northwest Southwest

Northeast Southeast

105 90 75 60

'23

'22

Northwest

-54%

Northeast

13%

Southwest

-50%

Southeast

-38%

45 30 15

11 (-10%)

8 (+14%) 7 (-13%) 6 (-25%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

PRICE DISCOUNTS By Price Range

Rolling Last 12 Months (YoY%)

 Price discounts were limited in the quarter with most homes selling at asking price or a slight premium  Homes priced $400K – $600K saw prior discounts disappear in Q3 and over the last 12 months

<$400K $600K – $799K

$400K – $599K $800K+ 100% (0%) 100%(0%) 100% (+1%) 100% (+1%)

100%

 Price discounts expected to remain narrow given limited home inventory 95%

Jul. – Sept. (YoY%) 90% '23

'22

<$400K

101%

100%

$400K - $599K

100%

98%

$600K - $799K

100%

$800K+

100%

101%

-1%

85%

80%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Wheaton submarkets mostly experienced full asking price for closed sales in Q3

Northwest Southwest

 Consistency across areas shows the broad-based demand for Wheaton homes and overall limited supply  Despite some negotiability in early 2023, there have been very limited (if any) discounts since

Northeast Southeast 100% (0%) 100% (0%) 100% (0%) 100% (+1%)

100%

95%

Jul. – Sept. (YoY%) 90% '23

'22

Northwest

100%

99%

Northeast

100%

Southwest

100%

Southeast

100%

85%

80%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

PRICE PER SQ. FT. By Price Range

Rolling Last 12 Months (YoY%)

 Price per sq. ft. moved higher in the quarter driven by increases for homes priced above $600K

<$400K $600K – $799K

$400K – $599K $800K+

 Relative prices are currently at record levels for homes priced $400K – $800K over the last 12 months

$325

 While price growth varied, the overall pricing environment remains strong

$275

$273 (+9%)

$225

$238 (+3%) $234(+1%) $220 (+1%)

Price Range

'23

'22

<$400K

$239

$246

-3%

$400K - $599K

$218

$600K - $799K

$244

$237

$800K+

$277

$275

$175

$125

$75

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Jul. – Sept. (YoY%)

By Submarket

Rolling Last 12 Months (YoY%)

 Wheaton submarkets were split for the quarter (two increasing and two decreasing)

Northwest Southwest

 Northeast and Southwest saw double-digit increases in Q3 driving the largest relative price growth over the last 12 months  Despite some declines in the quarter, all areas remain higher over the last 12 months

Northeast Southeast

$300 $275 $254 (+6%) $250

$241 (+3%) $235 (+8%) $216 (+2%)

$225

Jul. – Sept. (YoY%)

$200 Submarket

'23

'22

$175

Northwest

$241

$252

-4%

$150

Northeast

$280

$250

12%

Southwest

$248

$218

14%

Southeast

$208

$213

-2%

$100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

$125

CLOSED SALE PRICES By Submarket  Overall sale prices followed relative prices with two areas higher and two areas lower during the quarter

Rolling Last 12 Months (YoY%) Northwest Southwest

 Northwest is now the only area lower over the last 12 months (still up on a relative basis)  While overall sale prices increased, home mix influences values (see price per sq. ft.)

Northeast Southeast

$650 K $575K

$585K (+9%)

$500 K

Jul. – Sept. (YoY%)

$425K '23

'22

Northwest

$440K

$447K

-2%

Northeast

$500K

$450K

11%

Southwest

$615K

$585K

Southeast

$390K

$415K

-6%

$350 K $275 K $200 K

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

$453 K (+10%) $425K (+7%) $403K (-4%)

CLOSED SALE VOLUME By Submarket  Overall closed sale volume for Wheaton was down 30%+ for the quarter and now 35%+ lower over the last 12 months

Rolling Last 12 Months (YoY%) Northwest Southwest

 Southeast has seen the smallest declines in Q3 and over the last 12 months (but still meaningfully lower)

$150M

 Northeast and Southwest remain the largest sale volume areas in Wheaton

$125M

Northeast Southeast

$100M

Jul. – Sept. (YoY%)

$75M '23

'22

Northwest

$15M

$21M

-32%

Northeast

$15M

$24M

-38%

Southwest

$15M

$27M

-43%

Southeast

$12M

$15M

-18%

$50M

$40 M (-24%) $39 M (-49%)

$25M $0M

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

$73 M (-27%) $67 M (-41%)

COMPARING HOME TYPES Analyzing Wheaton Home Types for Q3 2023

Home Type

Single Family

Town Houses

Condos

New Listings

161

26%

25%

Contracted Homes

113

14%

22%

Closed Homes

125

34%

13%

31%

Home Inventory

56%

38%

50%

Contract Time

5 days

38%

5 days

25%

6 days

20%

Price Discounts

100%

103%

100%

Price per Sq. Ft.

$241

$208

$195

Closed Sale Price

$500K

$320K

10%

$215K

8% 20

COMPARING SUBURBS Analyzing Western Suburb Markets Suburb

Median Price

Q3 YoY%

Price / Sq. Ft.

Q3 YoY% Contract Days Q3 YoY%

Downers Grove

$513K

12%

$252

17%

Elmhurst

$511K

-16%

$299

-36%

Glen Ellyn

$550K

16%

$281

10%

-43%

Lisle

$461K

$226

11%

-30%

Lombard

$364K

$236

-29%

Naperville (60463)

$415K

$186

Warrenville

$372K

$230

21%

-45%

Wheaton

$500K

$241

-38%

Winfield

$494K

20%

$228

100%

Compass is a licensed real estate broker and abides by federal, state and local equal housing opportunity laws. All material presented herein is intended for informational purposes only, is compiled from sources deemed reliable but is subject to errors, omissions, and changes without notice. Sources include Midwest Real Estate Data LLC. This is not intended to solicit property already listed.