Fox Valley Real Estate Market Update Week 38
Fox Valley real estate market update week 38. New listings of single family homes were up. 233 this week compared to 202 the week before. Inventory just will not increase enough for the amount of buyers that are out there looking.
Closed listings of single family homes was down. 232 this week compared to 249 the week before. The last week of the month ends next Thursday. They should increase next week.
Take a look at the communities with the most activity this week:
Aurora-New 44 $95,000-$495,000
Batavia-New 10 $185,000-$879,900
Bolingbrook-New 18 $250,000-$610,000
Geneva-New 11 $189,900-$475,000
Naperville-New 36 $385,000-$14,999,000
Oswego-New 7 $285,000-$669,999
Plainfield-New 24 $209,900-$635,900
St Charles-New 22 $135,000-$2,295,000
Yorkville-New 19 $179,900-$444,848
I had to go back and search Naperville for the home listed for $14,999,000 to see if it was correct. You don’t see that very often.
Financing, median price and 2,000 square foot or more
Median list price of single family homes this week was $350,000, last week $349,900.
Closed median price this week $335,000, last week $336,137.
Prices and not changing that much. They are going down in some areas but not enough to change the median prices.
Conventional financing is still the financing most seller’s are accepting. 163 closed this week compared to 183 the week before.
Cash is king but not offered as much. 25 closed this week compared to 21 the week before.
FHA financing is not getting accepted by seller’s as much. 37 closed this week compared to 39 the week before.
4 VA deals closed this week compared to 6 the week before.
Single family homes closed with 2,000 square feet or more this week 131, last week 136 with a median price of $417,000 and minimum price of $165,000. This gives you an idea of size of homes closed in the Fox Valley area and prices. This is a little over half of the homes closed this week were over 2,000 square feet.
Contracts accepted this week
Contracts accepted on single family homes were up. 277 this week compared to 268 the week before. It all depends on what is listed throughout the week and what location. Buyer’s are waiting on new listings to come on the market.
Look at the communities that seller’s accepted the most contracts this week:
2 short sales were accepted by seller’s this week. 1 each in Naperville and Plainfield. Now they will be submitted to the lender to see if they will also accept. Most people that are struggling with making their payments don’t have to go the short sale route. Prices have increased enough that they can sell and break even or they might even walk away with money at closing.
Seller’s accepted contracts that are contingent on the the buyer closing on their current home. 3 with a kick-out clause of 72 hours, 3 with 48 hours and 2 with 24 hours.
Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home. 1 each with a kick-out clause of 72, 48 and 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 1288 1289
June 1450 1686 1671
July 1118 1182 1210
August 1109 1203 1170
September 878 1073 1003
Totals 8746 9710 10792
The reason closed are more than new listings is because of closings from deals that were accepted from previous year.. Contracts accepted are more than closed because some homes come back on the market after receiving a contract because of issue with home inspection or attorney review that didn’t get resolved. They go back on the market and receive another contract.
You can see how tight the market is. Prices will keep on increasing until inventory exceeds buyer demand.
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. We will let you know what your home is worth in today’s market. 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.
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 before you start looking. They will give you a letter showing what you are pre approved for that will go with an offer when you find a home. This needs to be 30 days old or less. If it is more than that you will need them to update it.
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- IHDA programs
If you need recommendations for a loan officer, real estate attorney or home inspector we can provide you with a few so you can decide who you want to work with.
It has been a crazy market throughout this pandemic. People have not stopped the need for a home. In most cases it has made it more important.
Fox Valley real estate market update week 38. 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