2021 Real Estate Market Update Week 13

2021 real estate market update week 13.  New listings on single family homes were down this week.  192 this week compared to 222 the week before.  Hopefully the holiday week is holding people back from putting their home on the market and it will pick up next week.  Until more homes start coming on the market prices are rising rapidly and multiple offers is the norm.  Very frustrating for buyers right now. 

Closed listings on single family homes increased this week.  274 this week compared to 209 the week before.  End of the month is the busiest for closings.  Most buyers want to close at the end of the month so they bring less money to closing for interest for the month.

Take a look at the communities with the most activity this week:

Aurora-New 31 $125,000-$735,000

            Closed-40 $111,000-$639,000

Bolingbrook-New 15 $186,000-$480,000

                    Closed-18 $187,997-$470,000

Naperville-New 45 $249,000-$2,100,000

                 Closed-54 $251,017-$1,031,000

Oswego-New 11 $100,000-$549,900

              Closed-15 $307,682-$622,000

Plainfield-New 25 $218,000-$1,190,000

                Closed-35 $235,000-$590,000

St Charles/Campton Hills-

                New-15 $199,999-$1,595,000

                Closed-25 $210,000-$1,150,000

West Chicago-New 4 $239,000-$489,000

                      Closed-10 $200,000-$501,000

Yorkville-New 4 $249,900-$398,000

              Closed-15 $146,000-$807,500

Median list price of single family homes this week is $359,700 and the median sold price $352,500.

Contracts accepted this week

Contracts accepted on single family homes were almost the same this week.  299 this week compared to 293 the week before.  That is pretty consistent.

Look at the communities seller’s accepted the most contracts:

Aurora-37                             Bolingbrook-12

Geneva-18                            Montgomery-13

Naperville-56                        Oswego-16

Plainfield-44                         St Charles/Campton Hills-25

Yorkville-14

No short sales were accepted by seller’s this week.  That does not mean they are not out there.

Seller’s accepted contracts that are contingent on the buyer closing on their current home.  3 with a kick-out clause of 72 hours and 2 with 48 hours.

Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home.  1 with a kick-out clause of 72 hours and 2 with 48 hours.  Accepting contracts with contingencies other then financing are slowing down because of multiple offer situations.  Sellers are looking for offers with the least amount of hurdles to get past to get to closing.

2021 real estate market update week 13 by the month

2021

Month                    New     Closed     Contracts accepted

January                  543       649               829

February                561       604               778

March                   993     1099             1455

Totals                  2097     2352             3062

2020

January              1105       566               858

February            1267       529             1024

March               1186        707             1079

Totals                3558      1802             2961

2019

January              878         407               568

February          1032         463               832

March              1731         915            1375

Totals               3641       1785            2775

Closed is the most important column to look at.  These are actual numbers.  New and contract accepted can be counted twice if a property is relisted or a contract is accepted and it does not get past home inspection and attorney review.  Still this year we had the lowest new listings but the most closed homes. 

You can see why the prices are rising with the limited inventory of homes.  Until more homes come on the market the prices wil continue to rise.  Buyers are waiting to pounce on a new listing.  Don’t miss out on this great opportunity to sell!

Contact us

Call us at 630-503-6555 with all of your real estate questions.  Your goal is our goal.  We will do everything we can to help you reach your goal.

Request home valuation if you are thinking about selling so you can see where you are at in today’s market.  Tell us a little bit about your home and any recent updates that have been completed.  We will provide you with a net proceeds that shows you the expenses to sell.  This will be updated when an offer comes in and we know all the terms so you can make a good decision.

Thinking about buying a home this year?  You need to get prequalified with a loan officer and have a letter of pre-approval in hand to start looking.  The market is moving very quickly and you have to be ready to go.  This letter will go with an offer when you find a home to show the seller you do qualify for their home.

Resources to check out:

• Types of loans and the process
• VA loans and the process
• Current interest rates
• Down payment assistance
• IDHA programs

One of those IDHA programs might help with student debt and the other one if you stay in the home 5 years the assistance money might be forgiven.

IF you need recommendations for loan officers, real estate attorneys or home inspectors we can give you a few of each to contact so you can decide who you would like to work with.

2021 real estate market update week 13.  Have a great week!

Kristine Heiman, Designated Managing Broker

Best Homes Fox Valley-Search for a home today!

200 Webster St

Montgomery, IL 60538

630-503-6555 ext 101