Market update Fox Valley week 45
Market update Fox Valley week 45. New listings of single family homes were down almost 8%. 174 this week compared to 189 the week before. Hopefully next week this will improve. Buyers are still waiting for homes to come on the market. Competition is very low right now so this is the perfect time to sell.
Closed listing of single family homes were also down just under 7%. 285 this week compared to 306 the week before. This is the first week of the month so that is to be expected. Most buyers want to close at the end of the month.
Take a look at the communities with the most activity this week:
Aurora-New 19 $129,900-$525,000
Bolingbrook-New 10 $169,900-$425,000
Geneva-New 8 $289,000-$695,000
Montgomery-New 7 $159,900-$399,000
Naperville-New 39 $235,000-$1,500,000
Oswego-New 11 $219,990-$1,799,000
Plainfield-New 21 $169,900-$549,999
St Charles/Campton Hills-
New 11 $245,000-$642,700
Yorkville-New 8 $239,000-$399,900
Contracts accepted this week
Contracts accepted this week were also down this week just under 13%. 233 this week compared to 267 the week before. Extremely low inventory and now this week going even lower does not help. Buyers are putting in offers and having to deal with multiple offer situations. Increasing prices also does not help. With such low inventory prices have been going up higher and higher. We are even having a hard time coming up with comparables for the increase in prices.
Look at the communities that sellers accepted the most contracts this week:
St Charles/Campton Hills-20 Sycamore-10
2 short sales were accepted by sellers this week. 1 each in Montgomery and Waterman. 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. 9 with a kick-out clause of 72 hours, 7 with 48 hours and 2 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 and also 2 with 48 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 1176 1503 1503
October 843 1106 1159
November 174 285 233
Totals 11437 10198 12897
July was the best month for new listings. September was the best month for closed listings. July was also the best month for contracts accepted.
Closed listings is the one to really look at. This is actual numbers. They definitely closed. New listings sometimes get relisted as new even though they are not new to the market. The same for contracts accepted. The might get accepted and don’t go through to closing and go back on the market.
July used to be a very slow month when most people were gone on vacation. This year because of the pandemic July was very busy. Some people do not realize how active the housing market has been throughout this year.
Check back with us every Saturday for a market update Fox Valley. At the end of each month I compare to the previous 2 years so you have something to compare this year to.
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.
Even with the pandemic it is a great time to sell. Buyers are out there waiting for something to come on the market to see. 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 expenses to sell. This will be update when an offer comes in and we know all the terms so you can make a good decision.
Thinking about buying a home? You need to contact a loan officer first to see what type of loan and what price range will work out best for you. They will give you a letter showing what you qualify for and it will go with an offer when you find a home. It can’t be older than 30 days or you will need to have the loan officer update it.
Check out some great resources:
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment resources
- Illinois homeowner assistance and some community assistance
Let us know what questions you have or what kind of information you are looking for so we can direct you to it.
Market update Fox Valley week 45. Have a great week!
Kristine Heiman, Designated Managing Broker
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101