Market update Fox Valley week 44
Market update Fox Valley week 44. New listings of single family homes this week are steady as she goes. 189 this week compared to 186 the week before. That is consistency! We don’t like consistency right now. There is not enough homes for the buyers that are looking. Multiple offers are the norm. Prices keep going up and are sometimes having a problem when the appraiser turns in their report.
Closed listings of single family homes are up 15.47% 306 this week compared to 265 the week before. This is to be expected with the end of the month when most buyers want to close.
Take a look at the communities with the most activity this week:
Aurora-New 27 $120,000-$565,000
Bolingbrook-New 10 $188,000-$579,000
Geneva-New 5 $279,000-$525,000
Naperville-New 32 $259,999-$2,250,000
Oswego-New 9 $279,900-$450,000
Plainfield-New 16 $239,900-$675,000
St Charles/Campton Hills-
New 13 $290,000-$1,000,000
Sycamore-New 11 $169,900-$330,000
West Chicago-New 12 $219,900-$685,000
Yorkville-New 12 $199,000-$575,000
Contracts accepted this week
Contracts accepted this week on single family homes were down 12.75%. 267 this week compared to 306 the week before. Inventory is slowing down not buyers. If you need to sell, get it on the market. Buyers are waiting for new listings to come on the market.
Look at the communities sellers accepted the most contracts this week:
St Charles/Campton Hills-30 Yorkville-11
2 short sales were accepted by sellers this week. 1 each in Montgomery and Winfield. Now they will be submitted to the lender to see if they will also accept.
Sellers accepted contracts that are contingent on the buyer closing on their current home. 4 with a kick-out clause of 72 hours and 11 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 8 with 48 hours.
2020 by the month and a look back at 2019 and 2018
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
Totals 11263 9913 12664
January 878 407 568
February 1032 463 832
March 1731 915 1375
April 1594 792 1307
May 1645 995 1280
June 1643 1253 1218
July 1423 1008 1090
August 1585 1330 1196
September 1164 765 869
October 1041 738 776
Totals 13736 8666 10511
January 808 489 606
February 1040 444 856
March 1549 907 1564
April 1515 836 1278
May 1569 1066 1344
June 1828 1720 1474
July 1318 994 1061
August 1294 1032 989
September 1479 1093 1078
October 1042 712 748
Totals 13442 9293 10998
The closed column is the most important. These are actual numbers. There were more closings in 2020 than there was in the previous 2 years and with less new listings to sell. People that are not paying attention to the market don’t understand the need that is out there for people looking for a home. They think because of the pandemic that not much is going on. New construction has helped with some of the buyers looking for a home. Inventory has continued to be so very low.
New listing numbers are not accurate. Some of these have been relisted as new when they are not new listings.
Contracts accepted are not accurate either. Some of these end up coming back on the market. It could be a number of reasons like inspection issues that could not be resolved. They might not make it passed the attorney review. Some of them have appraisal issues like they might not come out to appraised value with prices going up or items that need to be fixed.
2020 has turned out to be a pretty good year for real estate and it is not over yet.
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.
Are you thinking about selling? You can request a home valuation and we will let you know what your home is worth in today’s market. We will provide you with a net proceeds that shows you an estimate of the expenses to sell so you can see where you are at. This will be updated when you find a home and we know all the terms.
Thinking about buying a home? Your first step is to contact a loan officer to get pre-qualified so you know what type of loan and what price range will work out best for you. Get a couple years tax returns, pay stubs and everything you pay monthly and bank account information together and give them a call. If you need recommendations let us know.
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
We will guide you throughout the process. Let us know what questions you have.
Market update Fox Valley week 44. 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