Market update Fox Valley week 38
Market update Fox Valley week 38. New listings of single family homes were up 7.55%. 228 this week compared to 212 the week before. Slight increase we are thankful for but it is still not enough. Extremely low inventory continues.
Closings were also up by 37.5%. 297 this week compared to 216 the week before. They should increase as we head to the end of the month.
Take a look at the communities with the most activity this week:
Aurora-New 31 $139,900-$1,699,000
Batavia-New 8 $202,500-$525,000
Bolingbrook-New 14 $164,900-$419,999
Geneva-New 11 $274,900-$654,900
Montgomery-New 8 $170,00-$399,000
Naperville-New 40 $249,000-$2,250,000
Oswego-New 19 $205,000-$1,500,000
Plainfield-New 15 $204,900-$504,900
St Charles/Campton Hills-
New 18 $300,000-$2,495,000
West Chicago-New 10 $234,900-$649,900
Contracts accepted this week
Contracts accepted this week on single family homes were up 15.41%. 307 this week compared to 266 the week before. 34.65% more single family homes taken off the market with contracts than new listings coming on the market. It is time for you to get your home on the market if you want to sell this year.
Look at the communities that sellers accepted the most contracts:
Plainfield-46 St Charles/Campton Hills-22
Sellers accepted contracts that are contingent on the buyer closing on their current home. 9 with a kick-out clause of 72 hours, 14 with 48 hours and 4 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyers selling and closing on their current home. 5 with a kick-out clause of 72 hours, 5 with 48 hours and 1 with 24 hours.
These sellers still feel confident in the market that these buyers will get through their contingencies and close.
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 695 870 907
Totals 9939 8164 10909
Closed is the most important column to look at. This is what actually happened. New listings can be relisted so they might be counted twice. The same for contracts accepted. Some of them do not make it past the home inspection and attorney review. They go back on the market and then get another contract. They might also be counted twice. Sometimes even more.
July is the best month so far. This is not typical. July is usually a slow month when most people are on vacation. The pandemic stalled the market in April and then started back up strong in May. So many people I have talked to that have not been paying attention to what is going on in the real estate market are surprised to hear how well the market is doing during this time.
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.
It is not too late to get your home on the market. You can still get moved before the holidays. Request a home valuation so you know the value of your home in today’s market. I think you will be happily surprised. We will provide you with a net proceeds that shows you an estimate of expenses to sell and what you might walk away with. This will be updated when an offer comes in and we know all the terms so you can make a decision.
If you are thinking about buying a home you need to contact a loan officer to get pre-qualified so you know what type of loan and what price range will work out best for you. They will provide you with a letter that will go with an offer when you find a home. You need to get this updated if it is older than 30 days.
Check out some great resources:
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- Illinois homeowner assistance and some community assistance
Market update Fox Valley week 38. Have a great week!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101