Market update Fox Valley week 50
Market update Fox Valley week 50. New listings of single family homes went up 13.08%. 147 this week compared to 130 the week before. It bounced up slightly after the holiday.
Closed listings of single family homes went down 18.03%. 241 this week compared to 294 the week before. It will increase as we head closer to the end of the month when most buyers want to close.
Look at the communities that had the most activity this week:
Aurora-New 23 $154,899
Bolingbrook-New 6 $210,000-$445,000
Geneva-New 4 $99,000-$414,900
Montgomery-New 2 $221,000-$295,000
Naperville-New 28 $267,500-$2,300,000
North Aurora-New 4 $209,000-$499,900
Oswego-New 11 $225,000-$695,000
Plainfield-New 18 $212,900-$650,000
St Charles/Campton Hills-
Yorkville-New 3 $205,000-$378,391
Contracts accepted this week
Contracts accepted this week on single family homes are up 3.74%. 194 this week compared to 187 the week before. Lower inventory and the upcoming holidays are contributing to the lower increase of activity. People are focusing on getting ready for the holidays.
Look at the communities that sellers accepted the most contracts this week:
Plainfield-22 St Charles/Campton Hills-14
No short sales this week received contracts.
Sellers accepted contracts that are contingent on the buyer closing on their current home. 7 with a kick-out clause of 72 hours , 6 with 48 hours and 3 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home. 4 with a kick-out clause of 72 hours, 4 with 48 hours and 1 with 24 hours.
It still continues to be a sellers market. Fewer homes are going on the market but they are selling right away once they do. If you are waiting for the New Year to put your home on the market now is a good time to discuss the process with you.
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 1116 1159
November 567 985 699
December 277 441 381
Totals 12107 11339 13744
September was the best month so far in 2020 for closed homes. Closed homes is the most important column to look at. This is actual numbers. New listings and contracts accepted can both have number that were counted more than once. A new listing can be relisted as new even though it has been on the market before. Also for contract accepted. Sometimes a contract does not make it through the home inspection and attorney review period or something might come up on a buyers credit that did not show up initially so they do not get approved. The home goes back on the market and gets another contract.
It really has been a better year than we expected during a pandemic. We think 2021 will continue to be a sellers market. Interest rates continue to be fantastic. If you have thought about refinancing to get a better rate you might think about moving instead.
Contact 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 your home? Request a home valuation so we can show you what your home is worth in today’s market. We will provide you with a net proceeds that shows you the expenses to sell so you can see where you are at. This will be update when an offer comes in and we know all the terms.
Are you thinking about buying a home? You will need to contact a loan officer to get prequalified. Start a folder and put in the last 2 years of tax returns, pay stubs, bank statements, credit card information, car payment and any other payments you make monthly. The loan officer will need this information and they might ask for it again during the loan process so it is a good idea to keep it handy.
Check out some great resources:
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment information
- Illinois homeowner assistance and some community assistance
Let us know what information you are looking for so we can direct you in the right place. We can do zoom meetings to go over information if that helps and you do not want to meet in person. You can also face time video and walk me through your home so I can see it to do a market analysis. There are 3D photo programs that can be set up if you are worried about people walking through your home. If you haven’t seen one of them they are like walking through each room on your computer or phone.
Market update Fox Valley week 50. 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