Fox Valley Real Estate Market Update week 35

Fox Valley Real Estate Market Update Week 35-Cover

Fox Valley real estate market update week 35.  New listings of single family homes are down.  204 this week compared to 221 the week before.  We are not going in the right direction.  Things usually slow down when school starts, but then it starts back up again.

Closed listings of single family homes are up.  387 this week compared to 273 the week before.  Most of these were probably closed on Monday and Tuesday the last 2 days of the month of August.  Most buyers like to close at the end of the month so they can bring less to closings.

Fox Valley Market Update Week 35

Take a look at the communities with the most activity this week:

Aurora-New 22 $169,000-$599,000

             Closed-61 $106,000-$705,000

Batavia-New 6 $114,900-$469,900

             Closed-12 $229,000-$580,000

Bolingbrook-New 13 $220,000-$614,900

                    Closed-28 $157,000-$490,000

Geneva-New 7 $285,000-$995,000

             Closed-13 $264,500-$465,000

Montgomery-New 12 $214,900-$375,000

                     Closed-17 $200,000-$365,000

Naperville-New 46 $275,000-$3,600,000

                  Clsoed-64 $280,000-$2,250,000

Oswego-New 11 $264,900-$675,000

              Closed-17 $225,000-$640,000

Plainfield-New 24 $249,000-$599,900

                Closed-57 $255,000-$525,000

St Charles-New 18 $159,000-$1,345,000

                   Closed-27 $187,250-$1,395,000

Yorkville-New 8 $259,900-$589,900

                Closed-19 $230,000-$739,900

Financing, median price, and 2,000 or more square feet

Median list price this week $350,000, last week $355,000.  Closed median price this week $345,000, last week $355,000.  A slight change from the week before.  Nothing too drastic.

Fox Valley Real Estate Market update week 35-Stats 090421
Median prices this week

Homes closed using conventional financing this week 281, last week 199. Closed this week using Cash 34, last week 33.  This is out of 387 closed this week.  Conventional is still the what most seller’s are looking for.

Fox Valley Real Estate Market Update Week 35- Conventional and Cash 090421
Conventional and Cash

FHA this week 46, last week 34.  VA this week 25, last week 7.  It is great to see more of FHA and VA getting accepted and closed.  They have really struggled to get through earlier this year.  So many of those buyers gave up.  So I hope they will start looking again.

Fox Valley Real Estate Market Update Week 35-FHA and VA 090421
FHA and VA Financing

Out of 387 closed this week 237 of them were 2,000 square feet or more.  The median closed price was $420,000 this week, last week it was $423,550.  Not much difference there.  Minimum closed price was $140,000 this week with list price of $150,000.  This gives you an idea of what 2,000 square feet or more costs you here in the Fox Valley area of Illinois.

Fox Valley Real Estate Market Update Week 35-2000 sf or more 090421
2,000 square feet or more

Contracts accepted this week

Contracts accepted this week were down.  251 this week compared to 286 the week before.  The market should pick back up again after the Labor Day weekend.

Fox Valley Real Estate Market Update Week 35-Contacts accepted this week
Contracts accepted this week

Look at the communities seller’s accepted the most contracts:

Aurora-43                             Bolingbrook-26

Montgomery-12                     Naperville-26

Plainfield-30                         St Charles-15

West Chicago-12                   Yorkville-16

1 short sale was accepted this week.  It was in Plainfield.  Now it will be submitted to the lender to see if they will also accept it.  Most homeowners that are having trouble paying their mortgage can sell without doing a short sale.  The prices have increased enough that most of them can sell and might even get some money at closing to move.

Seller’s have accepted contracts that are contingent on the buyer closing on their current home.  7 with a kick-out clause of 72 hours, 5 with 48 hours and 1 with 24 hours.

Also, seller’s have 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 2 with 24 hours.

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           1228                1289

June                        1450           1686                1671

July                          1118            1182                1210

August                     1109            1203                1170

September                204             387                  251

Totals               8072          8964               10040

Single family homes have been selling.  It has been a good year with a very tight market so far.  Check back with us every Saturday for the real estate market update.  At the end of each month we take a look back at 2020 and 2019 as well so you can see how things have been going.

Contact us

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.

Request a home valuation if you are thinking about selling.  Give us a little information about your home and what has been recently updated.  We will provide you with a net proceeds that 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.

Are you thinking about buying this year?  You need to get with a loan officer and get all your financial information to them so they can get you pre approved.  Seller’s today want to see more than just calling up a loan officer and talking to them on the phone,  They want to know that the loan officer has seen all your information and ran the credit check and put it through underwriting.  It also will make it much faster when you find a home to get the loan approved.

Resources:

If you need recommendations for loan officers, real estate attorneys or home inspectors we can send you a few to contact and you can decide who you want to work with.

Fox Valley real estate market update week 35.  Happy Labor Day weekend!  Enjoy and be safe.

Fox Valley real estate market update week 35-Kristine Heiman Managing BrokerKristine Heiman, SFR, SRS, AHWD

Designated Managing Broker

Best Homes Fox Valley-Search for a home today!

200 Webster St

Montgomery, IL 6038

630-503-6555 ext 101

 

 

 

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