Fox Valley home prices December 11 2021
Fox Valley home prices December 11 2021. First I want to say how heartbreaking the storms of last night were in multiple states. So much devastation and loss of life. This is such a strange thing to happen in December.
New listings of single family homes were down. 78 this week compared to 102 the previous week. This is extremely low even for this time of year.
Closed listing of single family homes was also down. 210 this week compared to 244 the previous week. Closings should increase as we get closer to the end of the month. Some might even spill over into the new year.
Take a look at the communities with the most activity this week:
Aurora-New 17 $120,000-$999,900
Bolingbrook-New 6 $264,900-$625,000
Naperville-New 11 $375,000-$1,265,000
Oswego-New 2 $400,000-$419,900
Plainfield-New 13 $279,000-$542,580
St Charles-New 6 $209,714-$775,000
Yorkville-New 5 $239,900-$2,964,000
Financing most used, median prices and 2,000 or more square feet
Median list price this week $347,000, last week $350,000.
Closed median price this week $332,500, last week $363,942.
Conventional financing was used 150 times out of the 210 closed homes with a median price of $360,000, last week 176 at median price of $385,000.
Cash was used 18 out of the closings this week with median price of $287,750, last week 23 at $298,000.
FHA was used 35 of the 210 closings this week with a median price of $287,000, last week 27 at $250,000.
VA was used for 7 of the closings with median price of $320,000, last week 13 at $390,000.
Single family homes with 2,000 or more square feet closed 121 at median price of $412,000, last week 144 at $445,450 median price. The minimum price of 2,000 or more square feet closed this week was $240,000, last week $207,000. For people looking for more square footage this gives you an idea of the pricing in the Fox Valley area.
Conventional financing is still what seller’s are looking for and accepting right now. If your loan officer is qualifying you for something else you might also want them to see what you qualify using this type of financing. They can qualify you for multiple ways of financing. You can try your preferred way first, and have Conventional as a backup.
Contracts accepted this week
Contracts accepted this week were consistent. 141 this week compared to 147 the previous week. Buyer’s are still out there ready to go even with the extremely low inventory. It is still a great time to sell! Very little competition right now.
Look at the communities seller’s accepted the most contracts this week:
1 short sale was accepted this week by a seller. It was in Aurora. Most homes have appreciated enough that seller’s do not have to sell short. They must of run into trouble shortly after purchasing. 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. 1 with a kick-out clause of 48 hours and 1 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 72 hours.
Only 4 contracts out of 141 were contingent on the buyer closing or selling and closing on their current home. Either the buyers are 1st time buyers or they could purchase without contingencies other than financing.
2021 by the month
Month New Closed Contracts accepted
January 543 649 829
February 561 604 778
March 993 1099 1455
April 1006 926 1387
May 1088 1288 1289
June 1450 1686 1671
July 1118 1182 1210
August 1109 1203 1170
September 1083 1411 1251
October 715 973 930
November 557 854 931
December 180 454 288
Totals 10403 12329 13189
Not all contracts that get accepted close. That is why there is more accepted than closed. Some of them do not make it past the attorney review and home inspection. They go back on the market and get accepted again.
The closed column is the most important one to look at because that is actual numbers for the Fox Valley area.
Prices will keep increasing as long as the inventory remains so extremely low.
You have to be a patient buyer in this market. You have to keep looking at what comes up and be ready to go look. If you can find something that is close to your needs it might be worth going after.
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.
Request a home valuation if you are thinking about selling anytime soon to find out an estimate of what you home would be worth in today’s market. Tell us about your home and anything that has recently been updated. We will provide you with a net proceeds that gives you idea of what the expenses might be. This will be updated when an offer comes in and we know all the terms.
Are you thinking about buying a home? You need to get all your financial information together and get it to a loan officer so they can get you pre approved. They will give you a letter showing what type of loan and what price works out best for you. When you find a home and want to put in an offer this letter will go with the offer so the seller will know you qualify for their home.
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- IHDA programs
You need to contact the loan officer you are working with to see what interest rate they are offering you based on your credit score. They will work with you to bring up your score if that is needed.
Do you need recommendations for loan officer, real estate attorney or home inspector? We can give you a few to contact and you can decide who you want to work with.
Guiding you through the process whether buying or selling is what we do to help make the process easier to get through.
All data used is from our MLS MRED, LLC.
Fox Valley home prices December 11 2021. Have a great week!
Kristine Heiman, SFR, SRS, AHWD
Designated Managing Broker
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101