Market update Fox Valley week 47
Market update Fox Valley week 47. New listings of single family homes were about the same. 150 this week compared to 152 the week before. This is typical for this time of year before the holidays but this year the amount of buyers out there ready to buy is not getting satisfied. Multiple offers are a common thing right now. Buyers are using escalation clauses, waiving home inspections and trying to be creative to win.
Closings on single family homes this week were up 54.77%. 308 this week compared to 199 the week before. Next week is going to be a short week with the Thanksgiving holiday so that is why there is such an increase.
Take a look at the communities with the most activity this week:
Aurora-New 17 $139,900-$385,000
Batavia-New 5 $297,500-$489,500
Bolingbrook-New 10 $169,900-$344,900
Geneva-New 8 $255,000-$792,000
Minooka-New 3 $275,000-$288,150
Montgomery-New 5 $189,900-$289,900
Naperville-New 26 $299,900-$1,400,000
Oswego-New 12 $299,900-$529,900
Plainfield-New 19 $184,000-$749,000
St Charles/Campton Hills-
Yorkville-New 2 $199,000-$299,390
Most of these communities consistently see higher activity. Is that what you are looking for or a smaller more stable community?
Contracts accepted this week
Contracts accepted this week on single family homes were down 5.02%. 227 this week compared to 239 the week before. With only 152 new listings added last week this turned out better than expected.
Look at the communities sellers accepted the most contracts:
Plainfield-30 St Charles/Campton Hills-15
West Chicago-12 Yorkville-11
2 short sales were accepted this week. 1 each in Bolingbrook and North Aurora. Now they will be submitted to the lender to see if they will also accept.
Sellers accepted contracts that are contingent on the buyers closing on their current home. 6 with a kick-out clause of 72 hours and 7 with 48 hours.
Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home. 2 with a kick-out clause of 72 hours and also 2 with 48 hours.
Sellers still have confidence in the market to accept these contingencies. It has been a crazy year but the market has been good!
2020 by the month
Month New Closed Contracts accepted
January 1105 566 858
February 1267 529 1024
March 1186 707 1079
April 648 786 775
May 1352 1010 1444
June 1232 908 1534
July 1417 1453 1852
August 1037 1335 1436
September 1176 1503 1503
October 843 1116 1159
November 476 792 699
Totals 11739 10705 13363
The closed column is the most important one to look at. These are actual numbers. New and contracts accepted might not be because of listings relisted as new even though they are not. Contracts can get accepted and not make it through the home inspection and attorney review period and go back on the market and then come up as contract accepted again.
Check back with us next week and we will also look back at 2019 and 2018. I do that at the end of each month so you can see how the market is doing compared to those other 2 years.
Call us at 630-503-6555 with all of your real estate questions. Your goal is our goal. I will do whatever I can to help you reach your goal.
Thinking about selling your home? Request a home valuation and we will show you what it is work in today’s market. I will provide you with a net proceeds that shows you an estimate of expenses to sell. This will be updated when an offer comes in and we know all the terms.
Are you thinking about buying a home? Get your tax returns for 2 years, check stubs, bank statements and anything you pay monthly together and call a loan officer to get prequalified. They will tell you the price range and what type of loan will work out best for your situation. If you need recommendations I would be happy to give you a few names and numbers to contact and you can choose who you want to work with. They will give you a letter showing what you qualify for and that will go with an offer when you find a home. If it is older than 30 days it will need to be updated.
Check out some great resources:
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- Illinois homeowner assistance and some community assistance
If you are looking for other types of information let me know I would be happy to tell you where to look. Some of the links provided also give you other information that you might be interested in.
Market update Fox Valley week 47. Have a great week!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101