2021 Real Estate Market Update Week 16

2021 real estate market update week 16.  New listings of single family homes were down this week.  232 this week compared to 241 the week before. We are having an extreme housing shortage so any decrease is very sad.  I don’t know what else to say.  Too many buyers are still looking for a home.

Closed listings of single family homes was exactly the same as new listings and up from last week.  232 this week compared to 222 the week before.  Next week is the last week of the month so it should increase even more next week.

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

Aurora-New 32 $85,000-$669,000

            Closed-43 $143,000-$710,000

Bolingbrook-New 10 $260,000-$629,910

                    Closed-11 $219,900-$360,000

Geneva-New 9 $229,900-$725,000

              Closed-13 $285,000-$698,938

Naperville-New 47 $319,000-$1,450,000

                 Closed-41 $162,000-$1,375,000

Oswego-New 9 $235,000-$505,000

               Closed-10 $235,000-$400,000

Plainfield-New 37 $220,000-$1,700,000

                Closed-25 $206,000-$1,105,000

St Charles/Campton Hills-

                New-23 $229,000-$849,900

                Closed-16 $239,000-$1,050,000

Yorkville-New 8 $238,000-$655,000

               Closed-17 $260,000-$480,000

Median list price this week was $350,000 and median closed price was $352,000.  Last weeks median price was $370,000 and last weeks median closed price was $354,000.  So median prices were down this week.

Contracts accepted this week

Contracts accepted on single family homes was down this week.  344 this week compared to 359 the week before.  Last week new listings were down so that contributed to less contracts accepted this week.

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

Aurora-50                                 Batavia-13

Bolingbrook-20                         Geneva-14

Montgomery-11                        Naperville-79

Oswego-26                              Plainfield-47

St Charles/Campton Hills-32   West Chicago-10

Yorkville-12

1 short sale was accepted by a seller this week on a single family home.  It was in Aurora.  Now it will get submitted to the lender to see if they will also accept.

Seller’s accepted contracts that are contingent on the buyer closing on their current home. 3 with a kick-out clause of 72 hours, 6 with 48 hours and 2 with 24 hours.

Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home.  2 with a kick-out clause of 48 hours and 1 with 24 hours.

2021 real estate market update by the month

Month                        New     Closed     Contracts accepted

January                       543         649                  829

February                     561         604                  778

March                         993        1099                1455

April                            501          414                  655

Totals                        2598        2766                3717

The closed column is the most important column to keep track of.  These are actual numbers.  New and contracts accepted can sometimes be counted more than once if they were relisted as new or if a contract accepted does not make it past the home inspection, attorney review or appraisal.  They can go back on the market and get counted again.

Some of the closed were homes that carried over into the new year.

Check back with us every Saturday for the 2021 real estate market update.  Next Saturday is the last week of the month and we will be comparing to 2020 and 2019 so you can see how things are going.

Contact us

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

Will you be selling this year?  Request a home valuation and give us some detalls about your home and let us know about any updates that you have completed recently.  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 be ready to go with a pre-approval letter from your loan officer showing what you qualify for a what loan type.  This will go with an offer when you find a home.  The market is moving very fast right now so the letter can not be older than 30 days or get it updated.  You do not want to wait until you find a home or you could miss out on a home.  When a home hits the market you have to be ready to go because so many of them are getting multiple offers on them right away.

Resources:

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

1 of the IDHA programs might help out with student debt and another one if you live there 5 years might be forgiven.  It is worth taking a look at them.

If you need recommendations for loan officers, home inspectors, real estate attorneys let us know.  We can recommend a few of each so you can decide who you want to work with.

2021 real estate market update week 16.  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