Fox Valley Real Estate Market Update Week 38

Fox Valley Real Estate Market Update Week 38-Cover

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.

Fox Valley Real Estate Market Update Week 38

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

Aurora-New 44 $95,000-$495,000

            Closed-32 $112,000-$479,000

Batavia-New 10 $185,000-$879,900

             Closed-5 $230,000-$587,928

Bolingbrook-New 18 $250,000-$610,000

                   Closed-20 $160,000-$475,000

Geneva-New 11 $189,900-$475,000

            Closed-5 $270,000-$588,000

Naperville-New 36 $385,000-$14,999,000

                 Closed-36 $260,000-$1,100,000

Oswego-New 7 $285,000-$669,999

             Closed-10 $310,000-$545,000

Plainfield-New 24 $209,900-$635,900

                Closed-36 $211,500-$725,000

St Charles-New 22 $135,000-$2,295,000

                  Closed-23 $170,000-$2,300,000

Yorkville-New 19 $179,900-$444,848

               Closed-13 $180,000-$508,000

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.

Fox Valley Real Estate Market Update Week 38-Stats 092521
Median list and closed price

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.

Fox Valley Real Estate Market Update Week 38-Conv and Cash
Conventional and Cash

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.

Fox Valley Real Estate Market Update Week 38-FHA and VA
FHA and VA

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.

Fox Valley Real Estate Market Update Week 38-2000 SF or more
2,000 square feet or more closed this week

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.

Fox Valley Real Estate Market Update Week 38-Contracts accepted this week

Look at the communities that seller’s accepted the most contracts this week:

Aurora-47                        Bolingbrook-22

Geneva-13                        Montgomery-14

Naperville-43                   Oswego-17

Plainfield-39                     Yorkville-19

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.

Contact us

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.

Resources:

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

Fox Valley real estate market update week 38-Kristine Heiman Managing Broker

Leave a Reply