How many homes closed 2,000 square feet or more week 33
How many homes closed 2,000 square feet or more week 33. So many people are looking for more space. Can they find it in the price range they are looking for? We will get into that shortly.
New listings of single family homes were pretty consistent with the week before. 256 this week compared to 251 the week before. We would love to see more, but consistency is good.
Closed single family homes this week were also, not far off of last week. 299 this week compared to 291 the week before. Next week is the last full week of the month so they should increase.
Take a look at the communities with the most activity this week:
Aurora-New 46 $145,000-$770,000
Bolingbrook-New 16 $249,000-$899,000
Geneva-New 9 $268,900-$1,200,000
Naperville-New 42 $250,000-$1,625,000
Oswego-New 16 $299,999-$449,990
Plainfield-New 44 $224,900-$900,000
St Charles-New 17 $209,900-$1,895,000
West Chicago-New 10 $295,000-$664,900
Financing, median list and closed price, 2,000 square feet or more closed this week
Median list price this week $355,000, last week $361,470. Median closed price $359,900, last week $375,000. These numbers go up and down each week, but they do not change drastically.
Homes that closed using Conventional this week 218, last week 221. Cash this week 24, last week 33.
Closed homes using FHA financing this week 47, last week 26. VA this week 10, last week 9.
Seller’s are still choosing Conventional financing over anything else. I am encouraged to see FHA numbers going up. Some buyer’s that have to go FHA have given up. They are tired of losing out to buyer’s using Conventional financing with multiple offer situations.
Out of 299 homes that closed this week 191 of them were 2,000 square feet or more. Median list price is $425,000, closed price is $420,000. Minimum list price $220,000, closed price $242,000. So many people are looking for more space since the pandemic. This gives you an idea of what price that will cost you. If you are below this price it will be hard to find. You might need to adjust the criteria for the home you are looking for.
Contracts accepted this week
Contracts accepted this week on single family home were consistent. 300 this week compared to 303 the week before. The market is staying steady. There might not be as many offers with multiple offer situations, but buyer’s are still out there looking.
Look at the communities seller’s accepted the most contracts:
Plainfield-37 St Charles-26
Sycamore-10 West Chicago-11
There were no short sales accepted by seller’s this week. Most people that are in a bind, and need to sell do not have to go through the short sale process with the prices that have increased.
Seller’s accepted contracts that are contingent on the buyer closing on their current home. 5 with a kick-out clause of 72 hours, 4 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, 8 with 48 hours and 2 with 24 hours.
There was 1 that did not have a kick-out clause that they marked. So we don’t know about that one.
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 887 930 884
Totals 7646 8304 9503
We started out the year with closings from 2020. They received a contract in 2020 but did not close until 2021. That is why the closed column is more than the new listings. You can see it has been a really tight market. Normally you would see more new listings than closings.
It still remains a seller’s market. There might be fewer offers with multiple offer situations, but there are still a lot of buyer’s out there ready to go.
There has been an extreme shortage of housing across the country. Some new homes have been built in our area that have helped.
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 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.
Are you thinking about buying a home? You need to get ready first by contacting a loan officer and getting them all your financial information. You need to get pre approved with this market. Just calling and talking to a loan officer to get pre-qualified is not enough anymore. You need to show the seller’s that you have taken this extra step.
- 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 and home inspectors we can give a few of each and you can decide who you want to work with. Just let us know.
All data used is from our MLS that we use MRED, LLC.
How many homes closed 2,000 square feet or more week 33. 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