Fox Valley Real Estate Market Update Week 36
Fox Valley real estate market update week 36. New listings of single family homes were up. 239 this week compared to 204 the week before. Inventory o f homes continues to be a challenge. Now that school is back in session there was a slow down. Hopefully now things will get back to normal and more listings will come on the market.
Closed listings of single family homes were also down. 205 this week compared to 387 the week before. This is to be expected at the beginning of the month. It will increase as we head into 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 31 $89,900-$485,000
Batavia-New 12 $170,000-$579,000
Bolingbrook-New 17 $219,000-$455,000
Geneva-New 9 $298,000-$600,000
Montgomery-New 11 $164,900-$329,900
Naperville-New 46 $249,000-$2,490,000
Oswego-New 12 $255,000-$499,900
Plainfield-New 26 $219,900-$799,000
St Charles-New 18 $259,900-$1,895,000
Yorkville-New 11 $259,900-$949,000
You can see the other communities by clicking on the picture above.
Financing, median price and 2,000 or more square feet
Median list price this week $350,000, last week also $350,000. Closed median price this week $340,000, last week $345,000. This is the second week with a decrease.
Out of 205 closed single family homes 161 of them used Conventional financing. 21 of them were Cash.
20 of the closed single family homes chose FHA financing, and 3 chose VA financing.
127 of them were 2,000 square feet or more this week with a median closed price of $410,000. Minimum closed price was $191,000. So if you are looking for a home with this square feet or more, this is the price range for this week.
Contracts accepted this week
Contracts accepted this week on single family homes was down. 207 this week compared to 251 the week before. buyers are still out there looking but they are having a hard time finding what they are looking for with the inventory so low.
Look at the communities that seller’s accepted the most contracts this week:
There was 1 short sales accepted this week and it was in Warrenville. 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. 2 with a kick-out clause of 72 hours, 7 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. 2 with a kick-out clause of 72 hours and 5 with 48 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 1288 1289
June 1450 1686 1671
July 1118 1182 1210
August 1109 1203 1170
September 443 592 458
Totals 8311 9229 10247
June was the best month so far for closings. Buyer’s could get moved in and enjoy the summer in their new home. Now would be a good time to get moved in before winter and the holidays. Homes continue to sell all year.
Check back with us every Saturday. At the end of the month we compare this year to 2020 and 2019 so you can see how things are going.
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 your home. Tell us a little bit 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 a home? The first thing you need to do is get all your financial information together and contact a loan officer. You will need to email or drop off copies of all your financial documents so they can put you through underwriting to get pre approved. Just calling them and telling them your information is not good enough anymore. You need to get pre approved so when you find a home you are ready to submit an offer.
When you start the process of looking at homes, you need to be ready to go look when a home hits the market. If you wait for the weekend it might be gone already.
- 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 officer’s, real estate attorney’s, and home inspector’s we would be happy to provide you with a few of each to contact. You can decide who you want to work with.
All data used is from our MLS MRED, LLC.
As we look back on 20 years since 9/11/01, take a moment to reflect on all the lives lost that day. We will never forget!
Fox Valley real estate market update week 36. Have a great week!
Designated Managing Broker
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101