Market update Fox Valley week 39
New listings on single family homes were exactly the same.. 228 this week compared to 228 the week before. We need a bigger variety of price ranges and more homes for sale. Severe inventory shortage of single family homes available continues.
Closed listings of single family homes were down 11.78%. 262 this week compared to 297 the week before. They usually go up as we head closer to the end of the month.
Take a look at the communities that had the most activity this week:
Aurora-New 24 $135,000-$635,000
Batavia-New 7 $179,900-$399,500
Bolingbrook-New 13 $199,900-$949,000
Geneva-New 10 $229,000-$649,000
Naperville-New 50 $250,000-$1,940,000
Oswego-New 9 $264,900-$599,900
Plainfield-New 28 $218,000-$569,000
St Charles/Campton Hills-
New 22 $219,900-$1,450,000
West Chicago-New 9 $169,900-$669,000
Yorkville-New 9 $221,990-$304,490
Contracts accepted this week
Contracts accepted this week on single family homes were almost the same. 304 this week compared to 307 the week before. That is consistency. This is a great time to sell! The buyers are still looking.
Look at the communities that sellers accepted the most contracts:
Plainfield-31 St Charles/Campton Hills-25
Only 1 short sales was accepted by a seller this week. It was in Aurora. Now it 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. 8 with a kick-out clause of 72 hours, 15 with 48 hours and 4 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home. 2 with a kick-out clause of 72 hours, 7 with 48 hours and 2 with 24 hours.
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 923 1132 1211
Totals 10167 8426 11213
Closed listings is the most important totals to look at. July is still the best month for 2020. New listings does not show the true picture. Some of these were relisted as new even if they were not. Contracts accepted is also not a true picture as you can see with the closed totals. Some of these contracts get accepted and do not make it past the home inspection and attorney review. They can come back up as contract accepted again at a later 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.
Thinking about selling before the end of the year? Now is the best time! When the holidays come around the market usually slows down but 2020 is not a typical year. Let us update the value of your home. You can request it here. We will provide you with a net proceeds that gives you an estimate of expenses to sell so you have an idea of what you will have to work with. This will be updated when an offer comes in and we know all the terms so you can make a good decision.
If you are looking to buy a home the first thing that you need to do is call a loan officer to get pre-qualified. They will provide you with a letter that shows what you qualify for and what type of loan works out best for you. This will get submitted with an offer when you find a home. You will need to make sure to update this 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
Let us know if there is any other information we can direct you too.
Market update Fox Valley week 39. Have a great week!
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101