2021 Real Estate Market Update Week 17
2021 real estate market update week 17. Seller’s market continues! New listings of single family homes were up this week. 273 this week compared to 232 the week before. Great but we need to really increase these number of new listings or prices will continue to rise.
Closed listings of single family homes was also up this week. 280 this week compared to 232 the week before. It is the last week of the month when most buyers want to close so this was to be expected.
Take a look at the communities with the most activity this week:
Aurora-New 42 $155,500-$629,000
Batavia-New 13 $259,900-$997,500
Bolingbrook-New 11 $180,000-$699,000
Geneva-New 19 $249,00-$949,000
Montgomery-New 11 $190,000-$399,900
Naperville-New 53 $219,900-$1,999,995
Oswego-New 10 $264,000-$850,000
Plainfield-New 29 $229,900-$699,900
St Charles/Campton Hills-
West Chicago-New $12 $135,900-$599,000
Yorkvillle-New 11 $244,900-$430,000
Median list price this week $365,000 compared to last week $350,000. Median closed price this week $360,450 compared to last week $352,000.
Contracts accepted this week
Contracts accepted this week were up. 388 this week compared to 344 the week before.
Look at the communities seller’s accepted the most contracts:
Plainfield-53 St Charles/ Campton Hills-27
Sycamore-12 West Chicago-11
1 short sale was accepted this week by a seller. It was in Winfield. Now it will be 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. 7 with a kick-out clause of 72 hours, 4 with 48 hours and 3 with 24 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 48 hours and 1 with 24 hours.
2021 real estate market update by the month and also a look back at 2020 and 2019
Month New Closed Contracts accepted
January 543 649 829
February 561 604 778
March 993 1099 1455
April 1006 926 1387
Totals 3103 3278 4449
January 1105 566 858
February 1267 529 1024
March 1186 707 1079
April 648 786 775
Totals 4206 2588 3736
January 858 407 568
February 1032 463 832
March 1731 915 1375
April 1594 792 1307
Totals 5215 2577 4082
The closed column is the most important one to look at. These are actual numbers. More single family homes have closed this year than the previous 2 years. You can see more closed than new listings until April.
New listings can sometimes go back up as a new listing in normal times. Right now they are selling before that happens.
Contracts accepted can sometimes be counted more than once. Sometimes they do not make it past the home inspection and attorney review, and go back on the market and then counted again once they get another contract accepted. Right now some homes are having a problem with the appraised price. It is coming in lower than the contract price. If they can’t negotiate to solve this issue the home will go back on the market.
It is definitely a seller’s market still, and will continue to be until more homes come on the market or the buyers start slowing down that are looking.
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.
Thinking about selling this year? Request a home valuation, and give us some information about your home. What have you updated lately? New roof, painting, appliances or any other updates. We will provide you with a net proceeds that shows you the expenses to sell. This will be updated when an offer comes in.
If you are thinking about buying, you need to be ready with a pre-approval letter from your loan officer. Right now things are selling as fast as they go on the market. You need to go look the day it is listed and ready to write an offer right away, or you will lose out. We can schedule a zoom meeting to go over the process and get you familiar with the contract so you can be ready to go.
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- IDHA programs
It might be worth your time to look over these resources. You can also ask your loan officer if they are offering any programs. One of the IDHA programs might help payoff student debt and the other one if you live there for 5 years or more you might not have to pay back.
We can make recommendations of loan officers, real estate attorney and home inspectors. Just let us know.
All the information is provided by the multiple listing service MRED LLC..
2021 real estate market update week 17. Have a great week!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101