Market update Fox Valley week 37
Market update Fox Valley week 37. New listings were down 16.86% this week. 212 new single family homes listed this week compared to 255 the week before. So many people are getting adjusted to school starting either in person or remotely. Hopefully this will be a better week coming up because we are definitely going in the wrong direction with new listings.
Closed listings were also down this week by 39.50%. 216 closed single family homes this week compared to 357 the week before. It is typical to have lower numbers in the beginning of the month. Last week Monday was the last day of the month of August and some of the others were most likely supposed to close at the end of August and were delayed. We are seeing a lot of delays because of the lender not getting the loan processed in time.
Take a look at the communities with the most activity this week:
Aurora-New 26 $140,000-$475,000
Bolingbrook-New 8 $139,900-$410,000
Geneva-New 16 $225,000-$649,900
Naperville-New 48 $220,000-$3,500,000
Oswego-New 10 $202,500-$439,000
Plainfield-New 24 $159,000-$622,500
St Charles/ Campton Hills-
New 17 $199,900-$799,000
West Chicago-New 5 $225,000-$439,108
Yorkville-New 9 $199,900-$2,649,000
Contracts accepted this week
Contracts accepted this week on single family homes was down this week by 20.36%. 266 contracts accepted this week compared to 334 the week before. Inventory is extremely low. We need a wide range of prices of homes to come on the market to meet the needs of buyers.
Look at the communities that sellers accepted the most contracts this week:
Plainfield-30 St Charles/Campton Hills-18
2 short sales were accepted by sellers this week. 1 each in Aurora and Montgomery. Now they will be submitted to the lender to see if they will also accept.
Sellers accepted contracts that are contingent on the buyer closing on their current home. 10 with a kick-out clause of 72 hours, 9 with 48 hours and 1 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home. 1 with a kick-out clause of 72 hours, 4 with 48 hours and 2 with 24 hours.
This gives you an idea of how many buyers are out there ready to go and willing to write a contract. Not all of these will close. Some of them will not make it past the attorney review and home inspection. They will be activated again.
2020 by the month
Month New Closed Contracts accepted
January 1105 566 858
February 1267 529 1024
March 1186 707 1079
April 648 786 775
May 1352 1010 1444
June 1232 908 1534
July 1417 1453 1852
August 1037 1335 1436
September 467 573 600
Totals 9711 7867 10602
Closed is the column you want to pay the most attention to. July was the best month we have had so far this year. Usually that is a slower month with people on vacation. This has not been a typical year. It has turned out way better than I expected with a pandemic going on. I still find people that don’t pay attention to what is going on and are surprised that the market is so active.
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.
Do you know what your home is worth? Let us update the value in today’s market. We will provide you with a net proceeds that shows you an estimate of the expenses to sell and what you might walk away with. Request a market analysis here.
Are you thinking about buying a home? First thing you need to do is call a loan officer and get pre-qualified. They will let you know the type of loan and price range that will work out best for you. Your loan officer will give you a letter showing what you qualify for and this will go along with an offer when you find the home you like. This needs to be kept up-to-date. It has to be no older than 30 days.
Check out some great resources:
- Types of loans and the process
- VA loan and the requirements
- Current interest rates
- Down payment assistance
- Illinois homeowner assistance and some community assistance
If you are looking for any other resources just let us know and we will be happy to point you in the right direction.
Market update Fox Valley week 37. Have a great week!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101