Fox Valley Real Estate Market Update week 35
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.
Take a look at the communities with the most activity this week:
Aurora-New 22 $169,000-$599,000
Batavia-New 6 $114,900-$469,900
Bolingbrook-New 13 $220,000-$614,900
Geneva-New 7 $285,000-$995,000
Montgomery-New 12 $214,900-$375,000
Naperville-New 46 $275,000-$3,600,000
Oswego-New 11 $264,900-$675,000
Plainfield-New 24 $249,000-$599,900
St Charles-New 18 $159,000-$1,345,000
Yorkville-New 8 $259,900-$589,900
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.
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.
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.
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.
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.
Look at the communities seller’s accepted the most contracts:
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.
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.
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- IHDA programs
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.
Designated Managing Broker
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 6038
630-503-6555 ext 101