Fox Valley home prices July 16th
Fox Valley home prices July 16th. I am late posting this blog post because I was enjoying time with my grandkids last week. Data was downloaded Saturday morning like usual. I give you the numbers instead of percentages so you can actually see the activity. I will show you the new listings, closed listings, median prices, financing used, 2022 by the month and how many contracts were accepted by seller’s this week. We will also show you some good resources you can use for information or help.
New listings this week were up. 277 this week compared to 257 the previous week.
Closed listings were also up. 241 this week compared to 175 the previous week.
Aurora-New 38 $100,000-$749,900
Bolingbrook-New 19 $234,900-$825,000
Geneva-New 10 $195,000-$699,000
Montgomery-New 11 $215,000-$484,900
Naperville-New 59 $360,000-$6,000,000
Oswego-New 17 $240,000-$1,400,000
Plainfield-New 33 $270,000-$875,000
St Charles-New 17 $248,900-$950,000
West Chicago-New 10 $212,000-$950,000
These are the communities with the most activity. Look at the picture above for other communities that also had activity but in smaller numbers.
Financing used, median prices and 2,000 SF or more
Median list price this week$400,000, last week $415,000
Closed median price this week $405,200, last week $414,900.
Conventional financing was used to close 175 homes this week at median price $430,000 with 20 days average market time, last week 120 homes at median price $440,000 with also 20 days average market time.
Cash was used to close on 24 homes this week at median price $396,000 with 39 days average market time, last week also 24 homes at median price $402,500 with 31 days average market time.
FHA financing used to close on 28 homes at median price $317,500 with 13 days average market time, last week 22 homes at median price $325,000 with 22 days average market time.
VA financing was used to close on 13 homes at median price $399,900 with 16 days average market time, last week 8 homes at median price $407,500 with 9 days average market time.
Homes that were at least 2,000 square feet or more closed on 157 homes at median price $498,000 with 18 days average market time, last week 106 homes at median price $472,500 with 20 days average market time. Minimum price this week $299,000, last week $229,000.
Contracts accepted this week
Contracts accepted this week were up. 245 this week compared to 190 the previous week.
Plainfield-32 St Charles-15
No short sales were accepted by seller’s this week. If you are having trouble you might be able to sell and not have to sell short in this market.
Seller’s accepted contracts that are contingent on the buyer closing on their current home. 5 with a kick-out clause of 72 hours, 2 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. 5 with a kick-out clause of 72 hours, 1 with 48 hours, and also 1 with 24 hours.
Median price for homes that went under contract this week $385,000 with 33 days average market time, last week median price $375,000 with 28 days average market time.
2022 by the month
Month New Closed Contracts accepted
January 422 492 623
February 523 520 724
March 734 904 890
April 1168 966 1334
May 1101 893 806
June 1295 1409 1234
July 534 416 435
Totals 5777 5600 6046
It is still a tight market. When new listings start to exceed closed by a wider margin prices will continue to rise.
Check back with us every Saturday for the real estate market update for the Fox Valley area of Illinois. At the end of the month we will also look back at 2021 and 2020 so you can compare and see how this year is going.
Click on anything that is highlighted and underlined to take you to the site for the information. If there is other information that you are looking for just let us know so we can point you in the right direction.
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Check with your loan officer to see what interest rate you will be offered. It depends on your credit score. If you need to work on your score to bring it up they can help you with that.
We will provide you with a net proceeds when you request a home valuation. This 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.
If you are thinking about buying a home get all your financial information together, and get it to your loan officer, so they can put you through underwriting so you can get approved before even looking at homes. You will know that you qualify for the homes that you are looking at, and the seller will not worry about accepting your offer knowing that you have already gone through the process. As long as the home appraises out and title work is done it will close. Waiting until a week before closing to find out you are approved is crazy.