Market update Fox Valley week 44

Market update Fox Valley week 44Market update Fox Valley week 44.  New listings of single family homes this week are steady as she goes.  189 this week compared to 186 the week before.  That is consistency!  We don’t like consistency right now.  There is not enough homes for the buyers that are looking.  Multiple offers are the norm.  Prices keep going up and are sometimes having a problem when the appraiser turns in their report.

Closed listings of single family homes are up 15.47%  306 this week compared to 265 the week before.  This is to be expected with the end of the month when most buyers want to close.

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

Aurora-New 27 $120,000-$565,000

             Closed-49 $115,500-$489,900

Bolingbrook-New 10 $188,000-$579,000

                     Closed-21 $160,000-$411,500

Geneva-New 5 $279,000-$525,000

             Closed-17 $220,000-$1,200,000

Naperville-New 32 $259,999-$2,250,000

                 Closed-61 $266,000-$1,251,500

Oswego-New 9 $279,900-$450,000

              Closed-14 $179,450-$465,000

Plainfield-New 16 $239,900-$675,000

                Closed-30 $160,000-$992,500

St Charles/Campton Hills-

                 New 13 $290,000-$1,000,000

                 Closed-15 $178,000-$800,000

Sycamore-New 11 $169,900-$330,000

                 Closed-8 $168,900-$569,000

West Chicago-New 12 $219,900-$685,000

                       Closed-7 $150,000-$525,000

Yorkville-New 12 $199,000-$575,000

              Closed-15 $215,214-$415,000

Contracts accepted this week

Market update Fox Valley week 44-Contracts accepted this weekContracts accepted this week on single family homes were down 12.75%.  267 this week compared to 306 the week before.  Inventory is slowing down not buyers.  If you need to sell, get it on the market.  Buyers are waiting for new listings to come on the market.

Look at the communities sellers accepted the most contracts this week:

Aurora-40                                     Bolingbrook-18

Geneva-13                                     Naperville-40

Oswego-14                                    Plainfield-31

St Charles/Campton Hills-30         Yorkville-11

2 short sales were accepted by sellers this week.  1 each in Montgomery and Winfield.  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.  4 with a kick-out clause of 72 hours and 11 with 48 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 and 8 with 48 hours.

2020 by the month and a look back at 2019 and 2018

2020

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               1176     1503               1503

October                      843     1116               1159

Totals                     11263     9913             12664

2019

January                      878       407                  568

February                  1032       463                  832

March                      1731       915               1375

April                        1594       792               1307

May                         1645       995               1280

June                         1643    1253               1218

July                          1423    1008               1090

August                     1585    1330                1196

September               1164      765                   869

October                   1041      738                   776

Totals                    13736    8666              10511

2018

January                     808      489                    606

February                 1040      444                    856

March                     1549      907                  1564

April                       1515      836                  1278

May                        1569   1066                  1344

June                       1828    1720                 1474

July                        1318      994                 1061

August                   1294    1032                   989

September             1479    1093                 1078

October                 1042      712                    748

Totals                  13442    9293               10998

The closed column is the most important.  These are actual numbers.  There were more closings in 2020 than there was in the previous 2 years and with less new listings to sell.  People that are not paying attention to the market don’t understand the need that is out there for people looking for a home.  They think because of the pandemic that not much is going on.  New construction has helped with some of the buyers looking for a home.  Inventory has continued to be so very low.

New listing numbers are not accurate.  Some of these have been relisted as new when they are not new listings.

Contracts accepted are not accurate either.  Some of these end up coming back on the market.  It could be a number of reasons like inspection issues that could not be resolved.  They might not make it passed the attorney review.  Some of them have appraisal issues like they might not come out to appraised value with prices going up or items that need to be fixed.

2020 has turned out to be a pretty good year for real estate and it is not over yet.

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.

Are you thinking about selling?  You can request a home valuation and we will let you know what your home is worth in today’s market.  We will provide you with a net proceeds that shows you an estimate of the expenses to sell so you can see where you are at.  This will be updated when you find a home and we know all the terms.

Thinking about buying a home?  Your first step is 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.  Get a couple years tax returns, pay stubs and everything you pay monthly and bank account information together and give them a call.  If you need recommendations let us know.

Check out some great resources:

We will guide you throughout the process.  Let us know what questions you have.

Market update Fox Valley week 44.  Have a great week!

Market update Fox Valley week 44Kristine Heiman, Designated Managing Broker

Best Homes Fox Valley-Search for a home today!

200 Webster St

Montgomery, IL 60538

630-503-6555 ext 101

 

 

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