Fox Valley Real Estate Market Update Week 40

Fox Valley real estate market Update week 40.  New listings of single family homes are exactly the same number as last week.  205 new listings for both weeks.  We do love consistency, but the number is way down farther than we like it to be.

Closed listings of single family homes is down.  228 this week compared to 338 the week before.  This is because it is the beginning of the month.  Most buyers want to close at the end of the month.

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

Aurora-New 24 $149.900-$690,000

             Closed-42 $99,000-$615,000

Bolingbrook-New 17 $235,000-$514,900

                    Closed-20 $220,000-$522,000

Montgomery-New 10 $175,000-$345,000

                     Closed-10 $185,000-$370,000

Naperville-New 40 $300,000-$1,475,000

                  Closed-24 $245,000-$1,350,000

Oswego-New 15 $235,000-$489,900

              Closed-7 $155,000-$605,000

Plainfield-New 24 $179,900-$649,900

                Closed-31 $240,000-$1,160,000

St Charles-New 16 $99,900-$1,550,000

                  Closed-20 $115,000-$760,000

Yorkville-New 9 $229,000-$925,000

               Closed-11 $39,900-$550,000

There are many more communities on the image above.  If you are looking for a community with less turnover you might want to take a look.

Financing used, median list and closed price and 2,000 square feet or more

Median list price this week is $350,000, last week $349,315.

Closed median price this week $355,000, last week $340,000.

Conventional is still the most used financing.  There were 153 this week, last week 243.

Cash closed this week 28, last week 41.

FHA closed this week 33, last week 39.

VA closed this week 11, last week 13.

2,000 or more square feet closed this week 131, last week 183.  The median price closed this week $420,000, last week $415,000.  Minimum closed 2,000 or more square feet this week is $216,000, last week $90,000.

This gives you an idea on pricing, which financing will most likely get accepted from a seller and the size of the homes here in the fox Valley. When you are getting pre approved with a loan officer you might want to keep this in mind.

Contracts accepted this week

Contracts accepted this week were up.  256 this week compared to 248 the week before.  Even though new listings were down, contracts accepted went up.

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

Aurora-47                          Bolingbrook-25

Naperville-40                     Oswego-12

Plainfield-32                       St Charles-20

2 short sales were accepted by seller’s this week.  1 each in Aurora and Plainfield.  Now they will be submitted to the lender to see if they will also accept.  Most homes today have appreciated enough with today’s prices that they can sell without going through the short sale process.  If you are having difficulty paying for your mortgage contact us so we can let you know where you are at.  You might even walk away with money in your pocket.

Seller’s accepted contracts that are contingent on the buyer closing on their current home.  8 with a kick-out clause of 72 hours, 12 with 48 hours and 1 with 24 hours.

Also, seller’s accepted contracts that are contingent on the buyer selling and closing on their current home.  1 with a kick-out clause of 72 hours, also 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          1288                 1289

June               1450          1686                 1671

July                 1118           1182                 1210

August            1109          1203                 1170

September     1083           1411                 1251

October           205            228                  256

Totals        9156     10276         11296

Closed is the most important column to keep track of.  Not all deals close.   Some do not make it past the home inspection and attorney review period.  Some of them have had issues with the appraisal, and others the loan was not approved.

Check back with us every Saturday for the update.  At the end of the month we will also take a look back at 2020 and 2019 so you have that to compare to.  

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 and give us some details about your home.  Let us know what has been recently completed.  Any updates recently.

Thinking about buying a home?  You will need to get all of your financial information together and contact a loan officer to get pre approved.  Just calling them and giving your information over the phone is not good enough right now.  You will need to take this extra step so when you find a home the seller will be more willing to accept your offer knowing that you qualify.

Resources:

• Types of loans and the process
• VA loans and the requirements
• Current interest rates
• Down payment assistance
• IDHA programs

We can make recommendations for a few loan officers, real estate attorneys and home inspectors so you can choose who you would like to work with.

All data is from our MLS MRED, LLC.

Fox Valley real estate market update week 40.  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