Market update Fox Valley week 48
Market update Fox Valley week 48. New listings of single family homes are down 39.34%. 91 this week compared to 150 the week before. It is a holiday week so that makes it tough. This week we should bounce back.
Closed listings of single family homes were also down 37.34%. 193 this week compared to 308 the week before. When a holiday is at the end of the month closings either get moved up or pushed back.
Take a look at the communities that had the most activity this week:
Aurora-New 14 $114,900-$449,995
Bolingbrook-New 5 $209,900-$345,000
Naperville-New 12 $384,900-$1,325,000
Oswego-New 3 $234,000-$435,000
Plainfield-New 14 $185,000-$849,900
St Charles/Campton Hills-
New 9 $224,900-$899,000
Yorkville-New 2 $359,990-$369,000
Contracts accepted this week
Contracts accepted on single family homes are down by 13.22%. 197 this week compared to 227 the week before. That is not too bad for a holiday week!
Look at the communities that sellers accepted the most contracts this week:
Aurora 29 Bolingbrook-22
St Charles/Campton Hills-17
Only 1 short sale was accepted this week by a seller. It was in Naperville. 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. 3 with a kick-out clause of 72 hours, 4 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. 2 with a kick-out clause of 72 hours, 5 with 48 hours and 1 with 24 hours.
2020 by the month and a look back at 2019 and 2018
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
November 567 985 699
Totals 11830 10898 13363
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
November 897 946 839
Totals 14633 9612 11350
January 808 489 606
February 1040 444 856
March 1549 907 1564
April 1515 836 1278
May 1645 995 1280
June 1828 1720 1474
July 1318 994 1061
August 1294 1032 989
September 1479 1093 1078
October 1042 712 748
November 729 739 653
Totals 14247 9961 11587
Closed is the most important column to look at. These are actual numbers and 2020 is doing the best so far comparing to 2019 and 2018.
New listings for 2020 is way behind 2019 and 2018 but these numbers are not accurate. Some of these have been relisted as new even though they have been on the market. New construction has helped buyers that are looking and just can’t find anything. Homeowners don’t realize how many buyers are out there looking. They think because of the pandemic that housing isn’t moving. We are still getting multiple offers on homes. Inventory of homes for sale has been severely low for a few years causing pricing to really go up this year but interest rates are fantastic.
Contracts accepted numbers are also not accurate. Some of these contracts do not make it through the home inspection and attorney review period. They go back on the market and then get another contract. Buyers in this market know they have to be ready to write a contract or they will lose out on a home.
Check back with us every Saturday for the market update Fox Valley. At the end of each month we will compare to 2019 and 2018.
Call us at 630-503-6555 with all your real estate questions. Your goal is our goal. I will do everything I can to help you reach your goal.
Buyers are looking for a home that is ready to move into. If you are thinking about selling make sure you pack everything away. Fresh paint does wonders. Make sure your home is sparkling clean or they will just move onto the next home. Request a home valuation so we can show you what it is worth in today’s market. I will provide you with a net proceeds that shows you an estimate of the expenses of selling a home. This will be updated when an offer comes in and we know all the terms.
Are you thinking about buying a home? Get a couple of years tax returns, pay stubs, bank statements and any monthly loans or credit cards you have together. Contact a loan officer and get prequalified. They will provide you with a letter showing the type of loan and what price would work out best for you. This will go with an offer when you find a home so you can show the owner that you do qualify to buy their home. Need a recommendation? Let us know and I will provide you with a few that we have successfully worked with and you can decide who you want to work with.
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 you are looking for. We will be happy to point you in the right direction.
Market update Fox Valley week 48. I hope you enjoyed a great Thanksgiving. Have a great week!