Market Update Fox Valley-May 5 2018
Market Update Fox Valley-May 5 2018. May is starting out on fire! 443 New listings this week compared to 342 last week. Naperville saw 108 New listings, Plainfield 62, Aurora 59 and St Charles 45. Look below at the contingent listings to see how these communities did this week. You can see why the inventory is staying low. As soon as listings come on the market about that many receive contracts. It might not be the new listings under contract but the amount of listings does not increase that much. Buyers are frustrated with dealing with multiple offer situations. New listings are in high demand that are market ready.
Closed listings were also up this week. 316 this week compared to 237 the week before. Some of them were on the last day of the month which was Monday. The end of this month should be even better.
Take a look at the communities this week with the most activity of New & Closed single family homes in the Fox Valley:
Aurora-New 59 $110,000-$539,900 Closed-56 $70,000-$480,100 Active-240 $95,000-$1,450,000 with 4 Auctions
Batavia-New 17 $209,900-$1,210,000 Closed-10 $118,000-$459,000 Active-95 $179,000-$1,210,000 with 1 Auction
Bolingbrook-New 20 $164,900-$559,900 Closed-30 $154,900-$395,000 Active-114 $149,900-$694,999
Elburn-New 11 $259,900-$1,675,000 Closed-5 $235,900-$605,000 Active-78 $169,900-$1,675,000
Geneva-New 25 $229,000-$1,195,000 Closed-13 $215,000-$631,730 Active-146 $170,000-$1,750,000
Montgomery-New 13 $129,900-$314,900 Closed-20 $135,000-$327,540 Active-58 $119,900-$339,900 with 1 Auction
Naperville-New 108 $249,900-$1,900,000 Closed-46 $237,000-$948,500 Active-616 $209,900-$7,425,000 with 1 Auction
North Aurora-New 14 $195,000-$590,000 Closed-6 $168,000-$295,225 Active-65 $176,900-$595,000
Oswego-New 22 $180,000-$441,800 Closed-18 $220,402-$400,000 Active-102 $169,000-$1,595,000
Plainfield-New 62 $210,000-$799,900 Closed-52 $173,000-$500,000 Active-292 $149,000-$1,079,000 with 1 Auction
St Charles-New 45 $135,000-$3,800,000 Closed-26 $208,500-$690,000 Active-383 $106,108-$3,800,000
Sugar Grove-New 12 $159,900-$1,025,000 Closed-6 $265,000-$345,000 Active-51 $159,900-$1,025,000
Accepted Contracts this week
Contracts accepted this week in the Fox Valley were slightly down from the week before. 344 this week compared to 357 last week. These numbers would be higher with more inventory. We need more listings to meet the demand of the buyers that are out there still looking. The ones that stay on the market are either overpriced or need work that the buyers are not willing to do.
If you look at the New listings and contracts accepted in the communities that we are tracking you will see that the numbers are close. When the New listings exceed contracts accepted by bigger margins then you will know that we are meeting the demand of the buyers that are out there.
Take a look at the communities that Sellers accepted contracts this week:
Plainfield-49 St Charles-25
Short sales this week were up slightly. 6 this week compared to 2 last week. Now they will be submitted to the lender to see if they will also accept contract as written.
Sellers accepted contracts that are contingent on the buyers current home closing. Buyers have already accepted a contract on their home but need to close to purchase. 6 with a kick-out clause of 72 hours, 11 with 48 hours and 4 with 24 hours.
Also Sellers accepted contracts that are contingent on the buyer selling their home and closing. Buyers might or might not already have their current home on the market. They have not accepted a contract on their home. The buyer still need to sell it and close before purchasing. 2 with a kick-out clause of 72 hours, 4 with 48 hours and 2 with 24 hours.
If you are thinking about selling this year now is the best time of the year. We can do a market analysis on your home so you know the value in the current market. We can tell you what you need to do to get your home market ready. Give you an estimate of what you will walk away with. We will update that when a contract comes in and we know all the terms.
Before you start looking at homes to purchase you need to get pre approved with a loan officer. If you need recommendations let us know. Take a look at the different types of loans and the process. That will help you with talking to the loan officer and know what questions to ask.
Check to see if you qualify for down payment assistance. Are you a veteran, teacher, firefighter or police officer? Some communities also offer assistance. Go to the website of the community you are wanting to purchase in to see.
Look at current interest rates to see where they are right now. Your credit score will determine what interest rate they will offer you. The loan officer will be able to help you with working on improving your score so you get the best interest rate.
Give us a call at 630-503-6555 Jeffery Szymczak-Broker ext 104, Bobby Burson-Broker ext 105 or Kristine Heiman-Managing Broker ext 101. Our goal is to negotiate price and terms that are best. We make it our business to find the perfect fit for your needs.
Market update Fox Valley-May 5 2018 Have a great week!
Kristine Heiman-Managing Broker
1444 N Farnsworth Ave Suite 104
Aurora, IL 60505